EarthRenew Organics Ltd. has commenced marketing of an equity private placement to raise proceeds of $50 million to $75 million (US) (PDF).
The company intends to use the net proceeds of this offering to fund the equity component of its construction of seven WasteRenew™ facilities largely in California, to support a recently-signed marketing and sales agreement. In addition, the net proceeds will fund the growth of other business development initiatives in the pipeline and will be used for general corporate purposes.
RBC Capital Markets will serve as the company’s exclusive financial advisor with respect to the private placement.
WasteRenew™ is a proprietary EarthRenew process that recycles manure, biosolids and green wastes from livestock producers, municipalities and food processing industries, and helps reduce customer costs and problems associated with their green waste disposal. The company’s first operational plant using these patented technologies is situated on a cattle feedlot near Strathmore, Alberta, processing large tonnages of manure to make patented, specialty high-value fertilisers for key customers.