Thermal Energy raises $1 million

Energy and emissions reductions systems company Thermal Energy International Inc. Thermal%20Energy.jpgraises gross proceeds of $1 million in a private placement. Conducted by a syndicate of investment firms including Minneapolis-based Whitebox Investment Advisors and an undisclosed Toronto firm, the transaction featured an issuance of almost 4.17 million units comprised of one common share, at a cost of $0.24, and one warrant to purchase a second share for $0.40 within the next two years. Thermal says the proceeds will be used to meet sales obligations, expand sales and marketing, and to fund R&D undertaken with the South China University of Technology and the Chinese government for its THERMALONOx technology, meant to reduce emissions from coal-fired power plants.

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