In the statement, the company claims that it has raised a total of $2 684 449.80 of the proposed $5 000 000 private placement that was previously announced on 18 December 2017.
In connection with the private placement, the company has paid finder's fees consisting of cash payments equal to 8% of the aggregate proceeds and 8% of granted warrants from subscriptions arranged by the finders for an aggregate total of $161 195.99 cash and 1 074 640 warrants.
Current Water Technologies claims that the proceeds of this offering will be used for marketing and manufacturing initiatives, as well as general working capital. The private placement is subject to regulatory approval by the TSX Venture Exchange.
Current Water Technologies is a company applying its patented and proprietary electrochemical technologies to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, e.g. nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Inc. will operate as a division of the company and will continue to operate as an integrated pump station manufacturer specialising in custom design and automation.