Proceeds to fund biodegradable plastics production facility in Tampa
By Devika Patel
Knoxville, Tenn., Feb. 7 - Casey Container Corp. said it has revised the terms of a $4 million equity funding agreement with Crown Hospitality Group, LLC, an affiliate of CEG Fund Ltd. The offering priced July 5.
The entire $4 million will now be released in one payment on Feb. 29. The agreement previously expected to raise the funds in tranches over a year.
Crown will receive restricted common shares equal to the total number of shares outstanding as of July 1, 2011.
Proceeds will be used to build the company's first biodegradable PET plastics production facility near Tampa, Fla.
"Robust inquiries about Casey's PET and HDPE biodegradable plastics continue to steadily roll in from potential customers all over the world," chief executive officer Martin Nason said in a press release. "Several international companies have also made requests to form joint venture partnerships with us to deliver biodegradable plastics in their respective industries.
"The need for a truly biodegradable, affordable solution for environmentally friendly preforms, bottles and containers is enormous," Nason added. "The demand and anticipation we have experienced is very promising, and we are confident that the current worldwide demand will continue to be significant. This will allow us to rapidly build and sustain maximum production once we receive the full funding and launch production."
Casey Container is a Scottsdale, Ariz., designer and custom manufacturer of biodegradable PET, HDPE and other plastic polymer preforms, bottles and containers for use in the bottled water, beverage and consumer products industries.
| Issuer: | Casey Container Corp.
|
| Issue: | Equity funding agreement
|
| Amount: | $4 million
|
| Tenor: | One year
|
| Announcement date: | July 5
|
| Revised: | Feb. 7
|
| Settlement date: | Feb. 29
|
| Stock symbol: | OTCBB: CSEY
|
| Stock price: | $0.149 at close on July 1
|
| Market capitalization: | $7.29 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
