Plastic2Oil, Inc. announced that it has received $1 million in funding from Heddle Marine Service Inc.
November 18, 2014 at 11:00 pm EST
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Plastic2Oil, Inc. (OTCPK:PTOI) announced that it has entered into a subscription agreement for a private placement of a 12% secured promissory note due November 19, 2019 at $1,000,000 per note for gross proceeds of $1,000,000 with new accredited investor Heddle Marine Service Inc. on November 19, 2014. The note carries a fixed coupon of 12% per annum and would mature on November 19, 2019. The company also issued a five-year warrant to purchase 1,000,000 common shares at an exercise price of $0.12 per share which will expire on November 19, 2019. The company issued the securities pursuant to exemption provided under Regulation D and and Regulation S.
On November 19, 2014, Plastic2Oil, Inc. closed the transaction.
Plastic2Oil, Inc. is a technology development and licensing company. The Company has developed technology, which converts waste plastic into ultra-clean, ultra-low sulfur fuel products through its plastic-to-oil (P2O) process. It has constructed various fully operational P2O processors to demonstrate its technology and process to potential customers. The Company provides its solutions through its processors and technologies. The Companyâs primary offering is its Plastic2Oil (P2O) solution, which is its process that converts waste plastic into fuel through a series of chemical reactions (P2O business). It is a combination of its own technologies and processes developed by P2O, which convert waste plastics into fuel. The Company has three processors at its Niagara Falls, NY facility. Its subsidiaries include Plastic2Oil of NY #1, LLC, Plastic2Oil (Canada) Inc., JBI RE#1, Inc. and Plastic2Oil RE ONE, Inc.
PLASTIC2OIL, INC. 
