A Canada-based chemical recycler of plastics is selling nearly a million shares of stock to help fund ongoing research and development costs.
Aduro Clean Technologies Inc. of London, Ontario, said proceeds from the sale 941,177 shares of stock priced at US$4.25 per share will provide money for ongoing research and development costs money and potentially for working capital.
The company expects to raise approximately US$4 million through the offering. Underwriters have a 45-day option to purchase an additional 141,176 shares that would raise additional revenue.
Aduro describes itself as a "developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals."
The company has received approval to list the common shares on the Nasdaq Capital Market under the symbol ADUR with trading expected to begin Nov. 7.