Acceleware Ltd. closed the second tranche of its private placement, distributing a total of 2,090,000 Units at $0.10 per Unit, for total gross proceeds of $209,000. In aggregate, the Company has raised $1,000,334.20 and distributed 10,003,342 Units. Each Unit includes one Common Share and one Warrant, exercisable at $0.20 per share. The Company plans to use the proceeds to fund RF XL 2.0 redeployment and advance new RF heating applications. Insiders purchased 720,000 Units, totaling 2,020,000 Units under the Private Placement. The Common Shares issued will be subject to a four-month hold period.

Acceleware is an advanced electromagnetic heating company focusing on RF power-to-heat solutions for industrial applications. The Company’s technologies aim to electrify and decarbonize industrial process heat while reducing costs. Acceleware’s RF XL is a low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil. The Company has partnered with a consortium for potash ore drying and is developing partnerships for RF heating applications. Acceleware is listed on the TSXV under the symbol “AXE.”

Read more at GlobeNewswire: Acceleware Ltd. Announces Closing of Second Tranche