- International Zeolite Corp. (IZ) and CoTec Holdings Corp. (CTH) have announced an alliance
- CoTec has agreed to make a $2 million strategic investment in IZ to support its go-to-market activities in the agricultural and green tech segments
- The funding will support the construction of IZ’s first NEREA production facility to be in Ontario, Canada, with an expected completion date of March 2023
- CoTec signed a subscription agreement to purchase 13,333,334 units from IZ on a private placement basis at a price of $0.15 per unit for an aggregate subscription of $2,000,0000
- International Zeolite Corp. was up 10.345 per cent, trading at $0.16 at 1:42 PM ET
International Zeolite Corp. (IZ) and CoTec Holdings Corp. (CTH) have announced an alliance.
In this wise, CoTec has agreed to make a $2 million strategic investment in IZ to support its go-to-market activities in the agricultural and green tech segments.
CoTec and IZ share similar visions and objectives. They are focused on creating a portfolio of green disruptive technologies that are high-margin, eco-friendly and deliver reductions in carbon emissions.
The investment from CoTec is expected to fast-track IZ’s ability to move rapidly to full commercialization, marketing and sales capabilities for its disruptive agricultural products and solutions.
The funding will support the construction of IZ’s first NEREA production facility to be in Ontario, Canada, with an expected completion date of March 2023.
“We are excited to partner with IZ and support their efforts to commercialize its proprietary NEREA technology,” noted Julian Treger, CEO of CoTec.
“We are very pleased to partner with CoTec and are excited to commence the commercialization of NEREA products,” said Ray Paquette, IZ CEO.
“Once our products are established in Canada, we will roll it out to the other jurisdictions where we have secured exclusivity,” he added.
NEREA is IZ’s proprietary on-demand grow system designed for all agricultural sectors: nurseries, greenhouses, horticultural growers, and outdoor growers.
It embeds into zeolite particles all the macronutrients and micronutrients needed by plants to grow healthy and effectively.
CoTec has signed a subscription agreement to purchase 13,333,334 units from IZ on a private placement basis at a price of $0.15 per unit for an aggregate subscription of $2,000,0000.
King Chapel International, a company associated with Treger, is also a party to the agreement and will subscribe for 2,000,000 units, providing IZ with aggregate subscription proceeds of $2,300,000.
Each warrant will be exercisable for one common share at a price of $0.18 for 12 months from the closing date, which, if exercised, provides an additional $2,760,000 in operating capital for IZ.
In connection with the subscription agreement, CoTec and Kings Chapel have each agreed to provide up to $300,000 in bridge loan funding to IZ.
International Zeolite’s mission is to produce a line of high-value top-tier performance natural zeolite products and solutions.
CoTec is an ESG-focused company investing in innovative technologies.
International Zeolite Corp. was up 10.345 per cent, trading at $0.16 at 1:42 PM ET.
