Company uses proceeds to purchase two-year rights to DryVac technology
By Devika Patel
Knoxville, Tenn., Dec. 23 - Global Green Matrix Corp. said it has arranged a C$1.5 million non-brokered private placement of units.
The company will sell 16,666,666 units of one common share and one warrant at C$0.09 per unit.
Each warrant will be exercisable at C$0.18 for 18 months. The strike price is a 56.52% premium to C$0.115, the Dec. 22 closing share price.
Proceeds will be used for purchasing DryVac units for resale, and general sales and marketing of the DryVac technology, which the company also purchased.
Global Green said it has signed a distribution agreement with I-Des Inc. and DryVac Services Canada Inc. which gives the company the exclusive right to exploit for two years the DryVac technologies developed and owned by I-Des and DryVac in exchange for C$250,000.
The DryVac technology may be used for remediation of existing tailing ponds. Remediation improves the ecological sustainability of the surrounding region through reduction in potentially cumulative groundwater contamination.
"The DryVac technology is capable of cleaning and separating waste oil from dirt and water, thereby allowing the user to reclaim the oil and store it for resale," Global Green's president and chief executive officer Randy Hayward said in a press release. "There are many areas and companies in Western Canada that can utilize the DryVac technology to clean up the environment while increasing their revenue."
Based in Vancouver, B.C., Global Green explores and pursues new environmentally sound technologies and opportunities.
| Issuer: | Global Green Matrix Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 16,666,666
|
| Price: | C$0.09
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 12
|
| Stock symbol: | TSX Venture: GGX
|
| Stock price: | C$0.115 at close Dec. 22
|
| Market capitalization: | C$2.34 million
|
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