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SAN FRANCISCO--- ECO2 Plastics, Inc. Announces Bridge Financing up to $5 Million in Convertible Notes |
| 8/29/2008 @ 8:28 AM
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ECO2 Plastics, Inc. (BULLETIN BOARD: ECOO) announced today that it is engaging in a bridge financing of $3.5 to $5 million in Convertible Notes due March 31, 2009. The Company sold $550,000 of notes and related common stock warrants at an initial closing on August 22, 2008 and expects the balance of the financing to close by September 15, 2008. The purposes of the financing are (i) to purchase new equipment for the Company's proprietary CO2 cleansing equipment and other critical spare parts and equipment; (ii) to reduce trade payables; and (iii) to fund continuing operations. The Company undertook the financing primarily due to higher than expected equipment and installation costs and working capital requirements related to the expansion of production capacity in the Company's Riverbank, California processing plant. This financing will also help fund additional current and future projects and also support the Company's ability to meet its ongoing cash and working capital needs.
The convertible notes to be offered in this transaction will not be registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The convertible notes are being offered and sold solely to certain accredited investors in a private placement pursuant to Rule 506 under the Securities Act. This announcement does not constitute an offer to sell or the solicitation of an offer to buy such notes and is issued pursuant to Rule 135c under the Securities Act of 1933. |
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