PCT LTD Closes a $2,250,000 Equity Financing
December 3, 2021, 10:20 am
LITTLE RIVER, S.C., December 03, 2021--(BUSINESS WIRE)--PCT LTD (PCTL OTC Pink). After performing extensive due diligence with a Dallas based marketing, branding and business advising firm, Mike Sims, CEO of Krag Capital was lead investor in a $2,250,000 private placement of PCTL’s Series C Convertible Preferred Stock ("Preferred Stock"). The private placement consisted of 1,500,000 shares of Convertible Preferred Stock, at $1.50 per share. The Preferred shares are convertible to common stock at $0.015 per share.
This investment was committed to above the open market trading price. The proceeds are being used to make a significant impact on PCTL’s debt as well as purchasing materials to build twenty second generation hospital units and five second generation large volume units. "This money has also provided funds for certain key components that require additional order time due to supply chain delays, as well as expanding R&D in the Oil & Gas, Medical and Agricultural sectors," says Art Abraham, CFO of PCT.
Krag Capital has become a strategic partner and through its affiliation with The Edge, will assist PCT in marketing and branding.
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