By Devika Patel
Knoxville, Tenn., March 23 - ADA-ES, Inc. completed a $1 million private placement of stock, according to a joint press release issued by the company and investor Arch Coal, Inc.
The company sold 143,885 common shares to Arch Coal.
The investor also gave the company $2 million in consideration for an exclusive license to use ADA-ES' environmental technology. The license is being negotiated to define the royalty structure and will be finalized in the next month.
Based in Littleton, Colo., ADA-ES develops and implements environmental technology and specialty chemicals used to mitigate the environmental impact of electric power and industrial companies.
| Issuer: | ADA-ES, Inc.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 143,885
|
| Warrants: | No
|
| Investor: | Arch Coal, Inc.
|
| Settlement date: | March 23
|
| Stock symbol: | Nasdaq: ADES
|
| Stock price: | $6.96 at close March 23
|
| Market capitalization: | $49 million
|
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