Vadxx Energy disclosed $500,000 first close


vadxx energyA total of $500,000 was raised by Vadxx Energy as part of its $1.5 million unregistered private placement. The non-brokered equity securities started to be bought by six investors on March 31st. The offering will remain open until March 2015 while an additional $1 million worth of securities is sold to investors. It appears to be the first time the company is filling a security offering under a registration exemption.

The company leverages a proprietary process that converts recyclable and non-recyclable plastic into higher value energy products by cooking, cleaning, and cooling the plastic in a closed and controlled system. By products include diesel additives, fuel gas that provides 80% of the heat needed for the vessel that melts the plastic and inert char that can be used as solid fuel.

The company, headquartered in Cleveland OH, is led by James W Garrett (CEO). Revenues on or below $1 million were reported by Vadxx Energy. The board of directors includes Felix M Brueck, Thomas A Waltermire and William L Ullom.

Offering recap
Status: First close
Company: Vadxx Energy
Industry: Other Energy
Amount offered: $1.5 million
Amount placed: $500,000
First sale: 03-31-2014
Data as of: 04-14-2014

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