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FAQ: Aduro Clean Technologies' $20 Million Public Offering and Business Overview
TL;DR
Aduro Clean Technologies raised $20 million to build a demonstration plant, offering investors early access to its waste-to-resource technology for potential market advantage.
Aduro's public offering included 1.74 million shares with attached warrants, raising funds primarily for plant construction and R&D using its Hydrochemolytic water-based process.
Aduro's technology converts waste plastics and heavy oils into valuable resources, reducing environmental pollution and creating cleaner alternatives for future generations.
Aduro uses water-based chemistry at low temperatures to transform waste plastics into higher-value fuels, turning trash into treasure through innovative recycling.
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Aduro Clean Technologies Inc. has closed its underwritten U.S. public offering, raising approximately $20 million in gross proceeds through the sale of 1,739,130 common shares with accompanying warrants.
The offering consisted of 1,739,130 common shares with warrants to purchase 869,565 additional shares, with one-half warrant per common share. Each whole warrant is exercisable immediately at $16.00 per share and expires three years from issuance.
The company intends to use the net proceeds primarily to support construction of its Demonstration-Scale Plant, along with research and development, general corporate purposes, and working capital.
D. Boral Capital LLC acted as lead underwriter, while Roth Capital Partners served as financial advisor for the offering.
Aduro is a clean technology company that develops patented water-based technologies to chemically recycle waste plastics, convert heavy crude and bitumen into lighter oil, and transform renewable oils into higher-value fuels or renewable chemicals.
It's a chemistry platform that uses water as a critical agent to convert low-value feedstocks into valuable resources, operating at relatively low temperatures and cost compared to traditional methods.
You can visit their website at https://www.adurocleantech.com/ or view the full press release at https://ibn.fm/LP3hQ.
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Aduro trades on NASDAQ under the symbol ADUR, on the Canadian Securities Exchange under ACT, and on the Frankfurt Stock Exchange under 9D5.
Curated from InvestorBrandNetwork (IBN)
