Global Remediation Technology (“GRT” or the “Company”) has completed a $5.9 million equity offering (the “Offering”).
The Offering was completed through the issuance of 29,475,000 Units at a price of $0.20 per unit and placed with a broad range of individual investors. Each unit consists of one Class A Preferred Share, Series 2 and 0.50 warrants. Each full warrant, in turn, will permit a holder the right to purchase one common share of GRT at a price of $0.25 per common share.
The Offering will support GRT’s efforts to site and permit a permanent soil and water remediation plant (a “Fixed Plant”).
Formed in 2019 as a spin out from ALLTERRA Construction, GRT is involved in the treatment and disposal of soils and waters. Within ALLTERRA, the Company developed and refined processes to manage contaminated soils from a mobile (barge) based treatment facility (the “Mobile Plant”). GRT continues to utilize the Mobile Plant on selective soil and water management programs on the west coast of British Columbia.
The focus of GRT today is the siting, construction and operation of a first Fixed Plant on Vancouver Island or in Metro Vancouver. The Fixed Plant will utilize the same technology applied on the Mobile Plant, but at a much larger throughput capacity and with the ability to manage a wide range of contaminated feedstocks, leading to improved effective capacity utilization and margins.
A Fixed Plant is projected to reduce the volume of soil and water going to landfills by over 70%, providing benefits for the Company as well as owners of contaminated soils and local communities. GRT is in advanced discussions with several parties with respect to the siting of a Fixed Plant.
Fort Capital Securities Ltd. acted as placement agent with respect to the Offering.