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Posted: May 15, 2008
VeruTEK Technologies Announces $6 Million in Equity Financing
(Nanowerk News) VeruTEK Technologies, Inc., a provider of nanotechnology-based green chemistry solutions that eliminate the toxic and
harmful effects of chemicals present in the environment, announced the completion of a
private placement of equity for approximately $6 million before fees and expenses. The
Company intends to use the net proceeds of this offering to broaden market awareness
and drive further adoption of its green chemistry solutions. In addition, the Company will
use funding for general corporate purposes, including capital expenditures and working
The $6 million offering was for the sale of approximately 2.8 million units. Each unit
was purchased for $2.20 and included two shares of common stock and one warrant.
Each warrant allows investors to purchase an additional share of common stock at an
exercise price of $1.30 per share and can be exercised for a period of five years.
Needham & Company, LLC acted as sole placement agent in this offering.
The securities described in this announcement have not been registered under the
Securities Act of 1933, as amended, or any state securities of "blue sky" laws, and the
securities may not be offered or sold absent registration or an applicable exemption from
registration requirements. This press release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy securities.
About VeruTEK Technologies, Inc.
VeruTEK Technologies, Inc. (VTKT.OB) develops, formulates and markets, proprietary
patent-pending green chemistry solutions for a number of applications including the
remediation of surface and subsurface soil and groundwater contamination. VeruTEK
provides clean, green and sustainable solutions for many cases of environmental
contamination. For more information, please visit www.verutek.com.