By Sheri Kasprzak
New York, Aug. 23 - Biorem Inc. is preparing to close a C$3.4 million private placement with Clean Technology Fund II, LP.
The investor, through its partners Expansion Capital Partners II, LP and Expansion Capital Partners II - General Partners, LLC, agreed to buy 1.7 million shares.
When the deal is closed, Clean Technology Fund I, LP and Clean Technology Fund II, LP will hold 3.1 million shares of Biorem, or 25.9% of the company's outstanding stock.
The deal is scheduled to close within 30 days.
Proceeds from the offering will be used to install larger projects, support ongoing technology development for new products and finance the continued international expansion program. The rest will be used for working capital.
Biorem, based in Guelph, Ont., manufactures technologies used to filter air in municipal and industrial applications.
| Issuer: | Biorem Inc.
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| Issue: | Stock
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| Amount: | C$3.4 million
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| Shares: | 1.7 million
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| Price: | C$2.00
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| Warrants: | No
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| Investor: | Clean Technology Fund II, LP
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| Announcement date: | Aug. 23
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| Stock symbol: | TSX Venture: BRM
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| Stock price: | C$1.75 at close Aug. 23
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