Itronics Completes $1.2 Million Private Placement
RENO, Nev.--(BUSINESS WIRE)--Nov. 18, 1998--Itronics Inc. (OTCBB:ITRO) announced today the successful completion of a $1.2 million private placement in 2 tranches.
Completion of this funding ensures that Itronics will be able to expand silver and fertilizer production early in 1999.
Proceeds from the offering are being used for new equipment expenditures and permitting and moving expenditures related to the new Stead, Nevada, manufacturing facility, working capital, payment of existing debt, and marketing.
''We believe the timing of our expansion is excellent since silver prices are currently up and expected to continue to strengthen as supply outstrips demand,'' said Dr. John Whitney, Itronics president and CEO.
Itronics silver sales increased more than 60% through the 3rd quarter of this year compared to the previous year. ''The expanded refining capacity in the new facility will benefit us greatly,'' Whitney said.
Itronics uses a proprietary process to recycle used photochemicals, recovering virtually 100% of the contained heavy metals, including silver. Itronics utilizes the remaining photoliquids to manufacture a top line of fertilizer that is certifiably ''heavy metal'' free.
Whitney said that market acceptance of the fertilizer has been strong, and rapid expansion in the demand for the Gold'n Gro products is expected next year.
Whitney said the next phase of financing for Itronics will be $1 million, to purchase their new facility under a lease purchase option and to support the expected increase in fertilizer sales.
Itronics Inc. is one of Nevada's leading process technology development companies and a world leader in photochemical recycling. Headquartered in Reno, it specializes in recycling technology development, photochemical recycling, silver refining, fertilizer manufacturing and technical services for the mining and recycling industries.
The statements in this news release that are not historical facts or statements of current status are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. Actual results may differ materially.
Contact:
Itronics Inc.
John W. Whitney, 888-795-6336
itronics.com |
