- Environmental Clean Tech (ECT) shares are trading up after the company announced a $3 million capital raise and several board changes
- Jason Marinko and Tim Wise have been appointed to the board as Non-Executive Directors, replacing Neil O’Keefe and Ashley Moore
- Additionally, ECT will raise the $3 million in funds via a promissory note raising, with each note to have a face value of $1
- The money raised will be used to complete construction of ECT’s small-scale Coldry demonstration and char plant in Bacchus Marsh
- Shares in ECT are up 20 per cent at 1.2 cents each at 12:57 pm AEST
Environmental Clean Tech (ECT) shares are trading up after the company announced a $3 million capital raise and several board changes.
Leadership shake-up
ECT was trading 30 per cent up in Friday morning trade after announcing the appointment of Jason Marinko and Tim Wise.
The duo will join the board as Non-Executive Directors, replacing existing Directors Neil O’Keefe and Ashley Moore.
Mr Marinko previously worked as a leader at Spookfish and Little World Beverages and is currently an Executive Director at Yojee (YOJ).
Meanwhile Mr Wise was the former CEO of Kalina Power (KPO) and The Tap Doctor, and is the current Executive Director at Phos Energy and a Non-Executive Director of Tamaska Oil and Gas Limited (TMK).
Along with their appointments, ECT has also decided to move current Executive Chairman Glenn Fozard into the position of Managing Director.
Outgoing Director Mr Moore will stay on as ECT’s group Chief Engineer, while Mr O’Keefe will stay on as a consultant.
Fundraise
Environmental Clean Tech has also announced plans to raise $3 million in funds via a promissory note raising, with each note to have a face value of $1.
New Non-Executive Directors Mr Marinko and Mr Wise have subscribed for $50,000 and $25,000 respectively under the raise.
The money raised from the notes will be used to complete construction of ECT’s small-scale Coldry demonstration and char plant in Bacchus Marsh.
ECT’s Coldry technology aims to dewater brown coal and transform the resource into a pellet via a process called ‘brown coal densification’.
It’s Coldry High Volume Test Facility is located at the company’s Bacchus Marsh facility within Victoria.
Shares in ECT were up 20 per cent at 1.2 cents each at 12:57 pm AEST.