ASP Isotopes to issue 9M shares at 91.05c in private placement

ASP Isotopes entered into a definitive securities purchase agreement with certain institutional and other accredited investors, under which the Company agreed to issue an aggregate of approximately 9M shares of its common stock at a purchase price of $0.9105 per share in a private placement transaction. The oversubscribed private placement was priced “At the Market.” The gross proceeds to the Company from the private placement are expected to be approximately $8M before deducting the offering expenses payable by the Company. The closing of the private placement is subject to the satisfaction of customary closing conditions. Ocean Wall Limited is acting as the sole placement agent for the private placement. The Company announced that investor Tees River, through its Tees River Critical Resources Fund, intends to add to its existing equity stake by taking a significant percentage of the placement. As a result, at the closing of the transaction, Tees River Critical Resources Fund is expected to have a total ownership of approximately 14% of the issued and outstanding shares of common stock. In addition, multiple members of the Company’s board of directors are participating in the transaction. The Company intends to use the net proceeds from this placement for working capital and other general corporate purposes. With additional capital the Company is expected to have the balance sheet strength required to not only reach first revenue generation but also accelerate several high return-on-investment growth projects.