Enviro raises €320k through shares issue under Alumni Capital financing agreement

Stockholm – Scandinavian Enviro Systems AB has raised SEK3.57 million (€322,000) through a directed issue of 20 million new shares to Alumni Capital Ltd under an existing share-based financing agreement between the companies.

The shares were issued at SEK0.1785 each, a price corresponding to 90% of the lowest daily volume-weighted average share price during the five trading days preceding the drawdown, said Enviro 9 July.

As part of the transaction, the Swedish end-of-life tire pyrolysis company also issued 1.785 million warrants to Alumni Capital free of charge.

The company said the proceeds would be used to secure "the financing required to carry out the ongoing corporate reorganisation of the company in a time and cost-effective manner."