$1-million placement

Energy and emissions reduction systems maker Thermal Energy International Inc. raises gross proceeds of $1,017,500 in a non-brokered private placement of 3,392,500 shares priced at $.30 each. Thermal%20Energy.jpgThe transaction saw six company directors issued 579,167 share units valued at $173,750. The remaining funds were raised from outside parties comprised largely of new investors in Thermal Energy. “We are very encouraged by being able to raise a significant amount of capital at above market rates, especially in the face of such challenging times in the financial markets,” says CEO Tim Angus. “We see this as a strong sign of confidence in our ability to execute on our business plan and Thermal Energy’s prospects for the balance of this fiscal year and beyond.” Thermal says the net proceeds will be invested in its ongoing sales and marketing, research and development and other operational requirements in North America and China.

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