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TeQ Pure Water (ASX:CNQ) plans to raise $5 million to commercialize – The Market Herald

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  • Water treatment company Clean TeQ Water (CNQ) has committed to raise $5 million in two tranches of shares
  • The company will issue about 13 million shares to institutional and sophisticated investors at 38 cents per share to raise funds
  • This issue price represents a discount of just under 21 percent to Clean TeQ’s last closing price of 48 cents
  • Clean TeQ says it will use the cash to commercialize NematiQ and pursue new metal mining opportunities, as well as to strengthen its balance sheet
  • Shares in Clean TeQ fell 13.7 per cent to trade at 41 cents at 1.54pm AEDT

Water treatment company Clean TeQ Water (CNQ) has committed to raise $5 million through a two-tranche share offering.

The company will issue approximately 13 million shares to institutional and sophisticated investors at 38 cents per share to raise funds.

This issue price represents a discount of just under 21 percent to Clean TeQ’s last closing price of 48 cents.

Clean TeQ said it will use the money to commercialize its NematiQ product and pursue new opportunities in metals mining, as well as to strengthen its balance sheet.

“This funding provides a strong platform to deliver on our significant pipeline of water solutions projects, NematiQ’s progress towards commercialization and the establishment of Direct Lithium Extraction’s metal recovery capabilities,” said CEO Willem Friesendorp.

CNQ said it plans to raise approximately $2.5 million for each tranche of the offering.

The second tranche, however, will be subject to shareholder approval, with major shareholder Robert Friedland expected to sign up for around $2 million.

The first tranche is expected to settle on November 2 and be distributed on November 3, while the second tranche is expected to settle on December 19 and be distributed on December 20.

Shares in Clean TeQ were down 13.7 per cent to trade at 41 cents at 1.54pm AEDT.

https://themarketherald.com.au/clean-teq-water-asxcnq-set-to-raise-5m-for-commercialisation-activities-2022-10-27/

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