Vancouver-based CoTec Holdings Corp has wrapped up a C$3.6 million equity raise via a private placement at 50c.
The 50c gives holders a share and a warrant to buy a share at 75c within 12 months.
TSX-listed CoTec’s share price dipped by nearly 13% Friday to 48c, capitalising the company at about C$22.8m.
CoTec describes itself as an “ESG-focused” investment company looking for innovative technologies that could “fundamentally change the way metals and minerals can be extracted and processed”. It wants to apply the technologies to undervalued operating and recycling assets that can help it become a mid-tier mineral producer.
“The company is committed to supporting the transition to a lower carbon future for the extraction industry, a sector on the cusp of a green revolution as it embraces technology and innovation,” CoTec says.