According to a recent press release by Ecolomondo, the company completed a non-brokered private placement, raising C$506,660.04 through the sale of 2,814,778 units at C$0.18 per unit. Each unit consists of one common share and one warrant, allowing the purchase of an additional share at C$0.24 within two years.

This financing, combined with a $3 million loan from Export Development Canada (EDC), will support the development and expansion of Ecolomondo's Thermal Decomposition Process technology and facilities.

The proceeds will optimize production at the Hawkesbury TDP Facility and fund general corporate purposes. Additionally, the funds will enhance the company's operational capabilities, accelerate project timelines, and strengthen its market position within the tire recycling industry.

Ecolomondo’s CEO, Gary Economo, expressed excitement about the progress and investor confidence, highlighting the company's commitment to sustainable tire recycling solutions.

For more details, read the full press release on Ecolomondo's website.