Earth Alive closes $3.5M in financing
by CM Staff
Earth Alive tries to contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and human friendly.
MONTREAL — Earth Alive Clean Technologies Inc., a company that develops, manufactures, and distributes proprietary microbial solutions and products, announces the closing of a non-brokered private placement. Under the terms of the Offering, a total of 175,000,000 Units were issued at a price of $0.02 per Unit for aggregate gross proceeds of $3,500,000. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share upon payment of the exercise price of $0.05 per share until May 5, 2028.
“Earth Alive is now well financed and will be able to pursue its aggressive R&D strategy with a view to enhance its current products, add to its product portfolio and make its development plan a reality,” said Nikolaos Sofronis, President and Chief Executive Officer. “We strongly believe that our R&D efforts will allow us to lower the price of our products to the markets, translating into additional sales while maintaining healthy margins. With the closing of this Offering, Earth Alive is well positioned to be amongst the leaders of the ecological transition” added Mr. Sofronis.
“I so strongly believe in this strategy that I invested an additional $400,000 in Earth Alive through the Offering,” said Mr. Sofronis.
“We appreciate the trust and support of long-standing investors such as William Vanderfelt, Robert Taub, Christian Dumolin (Koramic Finance) and Jurgen Hambrecht (JH Capital) and are also pleased to welcome new investors. I am proud that that all directors of the Company and acting members of management participated in the Offering” said Robert Blain, Chair of the Board.
All the securities issued and issuable pursuant to the Offering are subject to a four month statutory hold period until September 5, 2023.
Insiders of the Company, including existing shareholder William Vanderfelt as well as certain directors and officers of the Company, participated in the Offering and subscribed for an aggregate of 42,015,913 Units with an aggregate value of $840,318.
