June 21, 2018: Aqua Metals closed its public offering of 10.1 million shares of its common stock on June 19 at a price of $2.85 per share. This raised gross proceeds of $28.7 million and net proceeds of around $26.5 million after fees and expenses.

The completed offering consisted of 8,770,000 shares of its common stock in the public offering and 1,315,500 shares issued by the exercise — in full — of the underwriters’ overallotment option.

At the last capital raising of the company in December the company raised gross proceeds of $15 million. Shares were offered at $2.10 each.

Aqua Metals says it “intends to use the net proceeds from the offering for working capital, which could include capital expenditures related to addressing operational efficiencies and the expansion of production activities at its initial AquaRefining facility at the Tahoe Regional Industrial Center, McCarran, Nevada, and general corporate purposes.”

Oppenheimer & Co is sole book-running manager for the offering.  National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation was co-manager. AGP/Alliance Global Partner was financial adviser to Aqua Metals for this offering.

Aqua Metals held its 2018 annual meeting on June 12. At the meeting stockholders voted to elect Shariq Yosufzai, Vincent DiVito, Mark Slade, Mark Stevenson, Eric Prouty, and Sam Kapoor to the board of directors.