H2O Innovation raises more capital investment

H2O Innovation Inc announced on 30 September 2013 that it had completed a non-brokered private placement of approximately Can$ 1.978 million (US$ 1.915 million) with a group of private investors and shares for debts for an amount of approximately Can$ 157,000 (US$ 152,000).

The Canadian membrane water treatment company will use the proceeds of the offering to partially reimburse its long-term debt and to support its working capital.

“We believe that the company has now reached more stability in its business model and its overall operations; thus, we want to solidify our balance sheet in reducing our long-term debt by approximately Can$ 1.15 million (US$ 1.11 million), which will also significantly reduce our interest expenses over the current fiscal year and improve our profitability”, stated Frédéric Dugré, president and CEO of H2O Innovation Inc.