Clean Coal Technologies Announces Advance of $400,000 from Ventrillion
$400,000 Advance on Second Tranche of Capital is Strong Validator for Clean Coals Technology
NEW YORK--(BUSINESS WIRE)-- Clean Coal Technologies, Inc. (CCTC.PK) (OTCQB: CCTC), an emerging cleaner-energy company utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel, today announced an agreement for a $400,000 advance payment from Singapore-based Ventrillion Management Company Ltd. (Ventrillion). For this $400,000 Clean Coal will issue 8 million shares. The issuance is pursuant to an amendment to Clean Coals previously announced definitive agreement with Ventrillion (the Agreement) for the private placement of up to 300 million common shares of Clean Coal in exchange for up to $15 million, and is considered an advance on the second tranche of capital.
"This is a very positive development, stated Robin Eves, Director, President and CEO of Clean Coal Technologies. The $400,000 advance on the second tranche represents a strong signal of Ventrillion's confidence in our Pristine-M technology. These funds will provide us with much needed capital during this crucial phase of development.
The second tranche was set at 100 million shares for $5 million per the Agreement. Due to advance payment and issuance, the second-tranche will now be set to close for the remaining balance of 92 million shares and $4.6 million. The third tranche remains unaffected. Both the balance of the second tranche and the third tranche are subject to certain conditions, including shareholder approval of a reverse split of Clean Coals common shares, completion of Clean Coals pilot plant and commercialization of Clean Coals technology.
The securities offered and to be sold by Clean Coal in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from registration requirements. Clean Coal has agreed to file one or more registration statements with the SEC covering the resale of the common shares issued in the private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Clean Coal Technologies, Inc.
Clean Coal Technologies, Inc., a cleaner-energy technology company with headquarters in New York City, NY, holds patented process technology and other intellectual property that converts raw coal into a cleaner burning fuel. The Company's trademarked end products, Pristine" coals, are significantly more efficient, less polluting, more cost-effective, and provide more heat than untreated coal. The principal elements of the Companys pre combustion technology are based on well-proven science and tried-and-tested industrial components. The Companys clean coal technology may reduce some 90% of chemical pollutants from coal, including Sulfur and Mercury, thereby resolving emissions issues affecting coal-fired power plants.
For more information about Clean Coal Technologies please visit: www.cleancoaltechnologiesinc.com
In addition to historical information, this press release may contain forward-looking statements that reflect the Companys current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
Clean Coal Technologies, Inc.
Mr. Robin Eves, Director, President & CEO
Financial Communications Contact:
Trilogy Capital Partners
Darren Minton, President
Source: Clean Coal Technologies, Inc.Copyright Business Wire 2013