Environmental Waste International Announces Closing of Non-Brokered Financing of $660,000

Rhea-AI Summary

Environmental Waste International (TSXV: EWS) announced the completion of a non-brokered private placement, raising $660,000 through the issuance of 33,000,000 common shares priced at $0.02 per share. No fees were paid for this offering, and the securities are subject to a statutory hold period ending on October 1, 2024. The raised funds are designated for general corporate purposes. The company also stated that it will not proceed with the private placement offering announced on December 19, 2023. This new offering is subject to TSX-V acceptance of regulatory filings.

Positive

• $660,000 raised through non-brokered private placement.
• No fees were paid for the offering, maximizing the funds raised.
• Funds designated for general corporate purposes, which can support various operational needs.

Negative

• Issued 33,000,000 common shares, potentially leading to shareholder dilution.
• Statutory hold period on the securities until October 1, 2024, limiting immediate liquidity for investors.
• The announcement of not proceeding with the previously planned private placement may indicate a change in financial strategy or challenges in raising funds.

Whitby, Ontario--(Newsfile Corp. - May 30, 2024) - Environmental Waste International (TSXV: EWS) (the "Company" or "EWS) announced today that it had raised $660,000 via a non-brokered private placement offering (the "Offering") of 33,000,000 common shares at $0.02 per common share. There were no fees paid for the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period ending October 1, 2024. The Offering is subject to TSX-V acceptance of regulatory filings. The funds will be used for general corporate purposes. The Company will not be completing the private placement offering previously announced on December 19, 2023.

About Environmental Waste International Inc.

Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. The Company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, www.ewi.ca.

FOR FURTHER INFORMATION PLEASE CONTACT:

Kelli Harrington, CEO
(780) 429-1900 or (800) 399-2366
kelli.harrington@ewi.ca
www.ewi.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211122

FAQ

How much did Environmental Waste International raise in their latest offering?

Environmental Waste International raised $660,000 in their latest non-brokered private placement offering.

What is the share price for the latest Environmental Waste International offering?

The share price for the latest offering was $0.02 per common share.

How many shares did Environmental Waste International issue in the latest offering?

Environmental Waste International issued 33,000,000 common shares in the latest offering.

What is the hold period for the securities issued by Environmental Waste International?

The hold period for the securities ends on October 1, 2024.

Will Environmental Waste International proceed with the private placement offering announced in December 2023?

No, Environmental Waste International will not proceed with the private placement offering announced in December 2023.