Shareholder Update - Capital Raising
Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) is pleased to announce the successful completion of a $700,000 share placement.
Executive Chairman & Managing Director, Mr. Michael Davies stated “as detailed in our recent Shareholder Update, ECT has engaged Arup for Phases Two and Three of the Design for Tender program and has entered into an agreement for the development of Exploration Licence EL5119. These funds will provide ECT the opportunity to commence the exploration program for EL5119 and provide additional working capital in the short-term.”
The Placement will comprise placing up to 33,333,334 Fully Paid Ordinary (FPO) shares for consideration of up to $700,000 on the following terms:
- Each ESI FPO $0.021
- Two (2) ESIO listed options will be granted for every three (3) ESI FPO shares at nil consideration
The Directors of ECT again acknowledge the tremendous support from shareholders and the professional services provided by Greenard Willing in the delivery of this placement.
For Further Information Contact:
Mike Davies – Managing Director +61 3 9909 7684 or [email protected]