Aqua Society, Inc. announced that it has completed the private placement financing publicized on June 14, 2005. The financing has been provided by two corporate investors in exchange for 1,232,322 units at a price of $1.98 per unit for total proceeds of $2,440,000. Each unit consists of one share of the company's common stock and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share of the company's common stock at a price of $1.98 per share for a period of one year from the date the warrant is issued. The proceeds of the private placement will be used to fund the development and marketing of the company's products and for general corporate purposes.
Aqua Society, Inc. designs and develops technologies for application in the areas of refrigeration, water purification and wastewater treatment. In addition to developing the Thermomobile mobile refrigeration unit, the company has developed the Aquamission, a product that is capable of extracting potable water from the atmosphere, and is in the process of developing additional technologies for optimizing the energy consumption of refrigerating units and refrigerated shipping containers. In addition, the company has considerable experience and expertise in utilizing membrane and vacuum technologies to design, construct and maintain water purification, water recycling and waste water treatment systems.
Source: Aqua Society, Inc.