Thermal raises $1 million beyond goal

Thermal Energy International Inc. exceeds expectations in its largest-ever private placement, taking in gross proceeds of $15 million on roughly 68.2 million common shares in an oversubscribed allotment. Thermal%20Energy.jpgThe company, which had initially hoped to raise $14 million, amended the placement on June 11 to reflect subscriber interest. Handled by Toronto-based agents Max Capital Markets Ltd. and Jacob and Company Securities Inc., the placement attracted several renowned funds focused on renewable energy and sustainability, according to CEO Tim Angus, and saw participation by three insiders who subscribed to 600,772 of the shares offered. Thermal intends to use some of the cash to complete the acquisition of its UK partner, steam trap maker Gardner Energy Management Ltd.

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