Aeris Environmental (ASX:AEI) has received commitments to raise A$5 million through a placement of 10 million shares priced at $0.50 each.
This was strongly supported by sophisticated and institutional investors in Australia, together with a significant cornerstone investment from a leading fund based in Hong Kong.
Proceeds will be used to support expansion plans for its ‘clean, green, protect’ platforms such as SmartENERGY, coatings, enzymatic remediation and smart (antimicrobial) polymers.
It will also pursue a number of long-term, energy-saving operating agreements to provide ongoing annuity income to the business.
Shareholder approval will be sought for the placement and also to enable directors to convert $1.5 million in loans into AEI shares.
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