Greentech Lead America: Mantra Venture Group has entered
into a private placement agreement with a number of non-US investors to sell
3,200,000 shares of its wholly owned subsidiary Mantra Energy for $3.2 million.
Mantra Venture Group will retain a 65 percent stake in
Mantra Energy. Closing of the financing is anticipated to occur in March 2012.
The $3.2 million investment will help Mantra Energy
implement its Electrochemical Reduction of Carbon Dioxide (ERC) technology on
an industrial scale.
The company claims that ERC is one of the promising
examples of Carbon Capture and Recycling (CCR). CCR allows for the conversion
of industrially produced carbon dioxide into a number of valuable chemical
Mantra is now poised to begin construction of a 100
kilogram per day CCR facility in Vancouver, British Columbia.
“We are very thankful to our new investors for their
support their confidence speaks to the potential of ERC and to the quality of
our recent research and development work. Our planned industrial pilot project
promises to bring ERC to the forefront of carbon capture and recycling, and we
are very excited to begin working with our industrial partners in the coming
months,” said Larry Kristof, president and CEO, Mantra.