EarthRenew (ERTH.C), a Canadian-based company focused on growing a sustainable future for agriculture with leading-edge proprietary regenerative fertilizer products, announced today that it had closed a non-brokered private placement financing for gross proceeds of $150,000 CAD.
The company issued 600,000 units at $0.25 per unit. Each unit contained one common share in EarthRenew and one common share purchase warrant.
Each warrant entitles the holders to acquire one additional common share at an exercise price of $0.32 per share for a period of 48 months from the date of issuance.
The offering was completed to accommodate subscribers who were unable to participate in the company’s prospectus offering which closed June 21, 2022.
All securities issued in the latest offering are subject to a customary hold period of four months and one day from the date of issuance.
Proceeds from the offering will be used for working capital and general corporate purposes.
In other news, EarthRenew announced recently that it would rebrand as Replenish Nutrients as soon as shareholders vote on the resolution next AGM.
At the beginning of September, the company announced that it had appointed Matthew Greenberg as CFO and corporate secretary.
Greenberg is a chartered professional accountant with over 15 years of experience in public and private enterprises and has extensive background in accounting, finance, governance, mergers and acquisitions, and capital markets.
This appointment follows the planned transition of Shawn McMillan’s resignation as CFO and corporate secretary. McMillan will continue to provide consulting and advisory services to the company going forward.
Currently EarthRenew trades at $0.13 per share for a market cap of $5.99 million.