06:30 AM EDT, 07/04/2024 (MT Newswires) -- dynaCERT (DYA.TO), which manufactures and distributes carbon emission reduction technology, overnight Wednesday closed the second and final tranche of its non-brokered private placement of units at $0.15 apiece.

The company increased the oversubscribed offering, which had an initial size of $2.5 million, by $500,000. The company issued an additional 7.2 million units for about $1.1 million.

Together with the first tranche of about 12.8 million units, the company has raised a total of $3 million.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant is exercisable into one common share at an exercise price of $0.20 per warrant at any time for a period starting upon the closing of the respective tranches of the offering for 36 months thereafter.

The company plans to use the proceeds to fund sales of its HydraGEN Technology Products to participants in the mining, oil and gas, transportation, and generator sectors on a global basis; for working capital; for general corporate purposes; and permitted finders' fees under applicable securities legislation.

The company's shares plunged over 13% in Canada yesterday.