Thermal Energy International Inc. (TSX-V:TMG) has completed an institutional private placement of $1 million. The transaction was conducted with a syndicate of investment firms including Whitebox Investment Advisors LLC.
The Company issued over 4 million shares at a price of $0.24 cents and one warrant to purchase a common share of company stock at a deemed price of $0.40 for a period of up to two years.
Syndicate participants have an option to increase the size of the placement by up to 30% at a 10% discount to market price for period of 60 days from the date of closing.
About Thermal Energy
Thermal Energy International Inc. provides custom energy and emission reduction, and bioenergy solutions. Headquartered in Ottawa, Canada, it designs and builds patented energy conservation, renewable energy and environmental technology solutions.
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