PlasCred Raises $5.03M via 29.6M Units at $0.17 to Advance Neos Facility
PlasCred closed the first tranche of its upsized $7 million private placement, issuing 29.57 million units at $0.17 each to raise $5.03 million, with each unit comprising one share and a three-year warrant exercisable at $0.22. Proceeds will fund engineering, permitting and procurement for the 100 tonne-per-day Neos recycling facility at CN Rail’s Scotford Yard.
1. First Tranche Closure
PlasCred closed the first tranche of its upsized non-brokered private placement, issuing 29,573,822 units at $0.17 per unit for aggregate gross proceeds of $5,027,550. Each unit includes one common share and one warrant exercisable at $0.22 for 36 months.
2. Use of Proceeds for Neos Facility
Net proceeds will finance detailed engineering, permitting and procurement of long-lead equipment for Neos, the company’s modular advanced plastic recycling facility designed to process 100 tonnes of mixed plastic waste per day, to be constructed at CN Rail’s Scotford Yard in Alberta’s Industrial Heartland.
3. Warrant Structure and Conditions
Each warrant permits purchase of one common share at $0.22 for 36 months with an early expiration provision if the share’s 10-day volume-weighted average price exceeds $0.40. Warrants issued are subject to a 61-day restriction on exercise following closing.
4. Second Tranche and Finder’s Fees
A second tranche of the upsized $7 million offering is expected to close by May 13, 2026 for up to $1,972,450. The company paid finders’ fees of $285,939 in cash and 1,681,997 broker warrants in the first tranche and may apply the same terms to the second.