Itronics Obtains $15 Million Funding Commitment
RENO, Nev.--(BUSINESS WIRE)--Sept. 5, 2000--Itronics Inc. (OTCBB:ITRO - news) announced today that
it has completed a $15 million equity financing agreement with a private institutional investor.
The private placement agreement calls for periodic purchases over the next three years of up to a maximum of $15
million of Itronics' common stock, at Itronics' option, subject to registration. The amount of each periodic purchase
or draw down will be dependent on the trading volume and the market price of Itronics' common shares at the time
of each purchase.
The proceeds of the financing will allow the Company to continue to implement its business plan, especially to
increase the rate of expansion of the photochemical recycling business being operated by Itronics' wholly owned
subsidiary, Itronics Metallurgical, Inc. ``This is a key
strategic achievement for Itronics. This agreement provides the Company the funds to expand marketing, working
capital to accelerate our sales growth, and allows us to consider possible acquisitions,'' said Dr. John W. Whitney,
President of Itronics.
Itronics Metallurgical's Stead, Nevada, facility extracts silver from liquid photographic waste and manufactures
liquid fertilizers from the remaining material. It is believed to be the only commercial plant in the world to
accomplish this. Itronics Metallurgical sells its Gold'n Gro
multi-nutrient liquid fertilizer products to more than 120 golf courses in California and Nevada and to large
horticultural businesses.
Information about Gold'n Gro for home use and the Silver Nevada Miner bars is available at the Company's Web
site: www.itronics.com.
Itronics Inc. is one of Nevada's leading process technology development companies and a world leader in
photochemical recycling.
Headquartered in Reno, Nevada, it specializes in recycling technology development, photobyproduct recycling,
silver refining, and technical
services for the mining and recycling industries.
Visit Itronics' Web Site: www.itronics.com
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Well at least they will have some money in Future to do a deal.
Been adding more stock for a gamble.
still say they will make 1 buck bid by Nov 1. I hope.
Also, Verdant Brands announced today that it has been notified by the Nasdaq Stock Market that the Company has failed to
maintain the minimum market value of public float and the minimum bid price as required by Nasdaq rules for continued listing
on the Nasdaq National Market. The Company has until October 30, 2000 to demonstrate compliance with the Nasdaq rules
or the Company's common stock will be delisted at the opening of business on November 1, 2000. The rules require that the
Company maintains a minimum market value for publicly traded shares of no less than $5,000,000 and a minimum bid price of
at least $1.00 per share. The Company's current minimum market value of public float is less than $2.5 million with a current
bid price of less than fifty cents per share.
No secrets here, it's a gamble. just like the slots. |
