ECLMF - Ecolomondo Closes Private Placement of $4000000
(TheNewswire)
Montreal, QC – TheNewswire- September 24, 2021- Ecolomondo Corporation (TSXV:ECM) (OTC:ECLMF) (the“ Company ” or “ Ecolomondo ”), a cleantech companyspecializing in the development of proprietary recycling technology,Thermal Decomposition Process (“ TDP ”), and thecommercialization of turnkey TDP facilities used to transform tires,plastics and other hydrocarbon waste into salable renewablecommodities, is pleased to confirm it hasrapidly closed its previously announced non-brokered private placement(see news releases dates September 3 and September 14, 2021)consistingof 6,153,845 units (the “ Units ”) at a price of $0.65 per Unit forgross proceeds to the Company of $3,999,999.60 (the “ Private Placement ”).
Eliot Sorella, Chairman and Chief Executive Officersaid: “I would like to welcome our new shareholders who participatedin the financing and thank existing shareholders who continue tosupport the Company by increasing their positions. Investor interestwas exceptional, and this quick close allows us to continue to moveforward with growth initiatives pertaining to our flagship HawkesburyTDP facility, partner development, and Company’sexpansion.”
The Company plans to allocate the gross proceeds of thePrivate Placement to general working capital purposes and to theacceleration of the Company’s North American expansion.
All securities issued under the Offering are subject toa four-month hold period expiring on January 25, 2022 in addition tosuch other restrictions as may apply under applicable securities lawsin jurisdictions outside of Canada. Final closing of this PrivatePlacement is subject to the receipt of all necessary regulatoryapprovals including that of the TSX Venture Exchange. The Company paidcommissions to eligible finders under the Private Placement totaling$139,212.87.
Ecolomondo is a Canadian cleantech company specializingin the commercialization of its waste-to-products operations andproprietary TDP technology. With 25+ years of industry experience anda track record of establishing strong circular economy partnerships,the Company is strategically positioned to become a major globalvendor of turnkey TDP facilities that convert hydrocarbon waste intosalable end-products including carbon black substitute, oil, gas andsteel.
Revenue growth will come from the sale offully-automated and energy self-sufficient TDP facilities androyalties from the sale of end-products, tipping fees and carboncredits. Ecolomondo’s initial focus is to aggressively market TDPfacility expansion throughout North America, as management has beenspeaking with numerous public and private sector industry groupslooking for breakthrough solutions extending across the entire productmanagement and processing lifecycle.
Cautionary Note Regarding Forward LookingStatements
The information in this news release includes certaininformation and statements about management's view of future events,expectations, plans and prospects that constitute forward lookingstatements. These statements are based upon assumptions that aresubject to significant risks and uncertainties. Because of these risksand uncertainties and as a result of a variety of factors, the actualresults, expectations, achievements or performance may differmaterially from those anticipated and indicated by theseforward-looking statements. Although Ecolomondo believes that theexpectations reflected in forward looking statements are reasonable,it can give no assurance that the expectations of any forward-lookingstatements will prove to be correct. Except as required by law,Ecolomondo disclaims any intention and assumes no obligation to updateor revise any forward-looking statements to reflect actual results,whether as a result of new information, future events, changes inassumptions, changes in factors affecting such forward-lookingstatements or otherwise.
The securities offered have not been, nor will they be,registered under the U.S. Securities Act of1933, as amended (the “ 1933Act ”), or under any state securitieslaws, and may not be offered or sold, directlyor indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (asdefined in Regulation S under the 1933 Act) absent registration or anapplicable exemption from the registration requirements. This newsrelease does not constitute an offer to sell or a solicitation to buysuch securities in the United States.
For further information please contact:
Elio Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
esorella@ecolomondocorp.com
www.ecolomondo.com
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES
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