AJAX, ONTARIO--(Marketwire -12/30/11)- Environmental Waste International Inc. (EWS) (TSX-V: EWS.V - News) announced that, subject to TSXV approval, it will raise $2,000,000 via a private placement of 8,000,000 units to a group of funds managed by Porter Orlin LLC. Each Unit is priced at $0.25 and consists of one common share and 0.375 of a Share Purchase Warrant. Each whole Share Purchase Warrant will entitle the holder to purchase one additional common share of EWS at a price of $0.50 for a period of two years from the date of issue. If approved, the group of funds managed by Porter Orlin LLC, will hold approximately 16% of the issued EWS common shares.
The funds raised will be used to resolve any remaining mechanical issues with the TR900 pilot plant in Sault Ste. Marie, ongoing research and development, and for general working capital purposes.
EWS has also designed processors for the environmentally safe sterilization and disposal of medical, biological, liquid and food waste and for the recovery of usable byproducts from other organic sources. EWS continues to explore other applications for its technology. Please visit EWS's home page on the Internet at: www.ewmc.com.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Environmental Waste International Inc.
Dr. Stephen Simms