Dotz Nano Limited (ASX: DTZ, Dotz or the Company) is pleased to advise that it has entered into a funding agreement (Convertible Securities Agreement) with Mercer Street Global Opportunity Fund, LLC (Mercer), a US-based investment fund managed by Mercer Street Capital Partners, LLC – to raise up to $12 million via the issue of convertible notes. The funds from the placement will be used primarily to accelerate the development and exploitation of carbon capture technology – DotzEarth, and support the Company’s general working capital requirements.
Highlights
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Dotz has entered into a funding agreement with the US based investment fund Mercer Street Global Opportunity Fund, LLC to raise up to $12 million.
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The Company will issue Convertible Notes to Mercer under a minimum of three tranches totalling $5 million, with the third tranche subject to the approval of the Company’s shareholders as required by ASX listing rule 7.1.
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Approval from shareholders may be sought for subsequent tranches depending on the size of the subsequent tranche.
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Funds raised will be allocated primarily with respect to the acceleration of DotzEarth development programs, as well as repayment of unsecured loan and general working capital requirements.
Dotz CEO Sharon Malka said, “We are excited to partner with Mercer at this critical phase of the Company’s evolution. We are delighted that an investment fund of its calibre has backed our technology and the opportunities that we believe this management team can deliver. The backing of Mercer provides the Company with the runway needed in the near-term so that we can accelerate the development of DotzEarth carbon capture technology and execute our plans for growth.”
For more information, download the attached PDF.
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