Clean Coal Technologies Announces An Investment Of Up To $15 Million
Clean Coal Technologies, Inc. (OTCQB: CCTC) (PINK: CCTC) (“Clean Coal”), an emerging cleaner-energy company utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel, has announced the execution of a definitive agreement for the private placement of up to 300 million common shares of Clean Coal to Singapore-based Ventrillion Management Company Ltd. (“Ventrillion”) for up to $15 million.
On December 6, 2012, Clean Coal closed the first-tranche of the investment and issued 100 million common shares to Ventrillion in exchange for $4 million, resulting in net proceeds to Clean Coal, after deducting commissions and estimated offering expenses, of approximately $3.5 million. Clean Coal intends to use the proceeds of the investment for general corporate purposes and working capital, including completing its pilot plant and commercialization of its technology. The closing of the second and third tranches of the investment, set to close within 6 months and 12 months of the agreement, respectively, are subject to certain conditions, including shareholder approval of a reverse split of Clean Coal’s common shares, completion of Clean Coal’s pilot plant and commercialization of Clean Coal’s technology.
The securities offered and to be sold by Clean Coal in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from registration requirements. Clean Coal has agreed to file one or more registration statements with the SEC covering the resale of the common shares issued in the private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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