Energy technology
company, Well Power announced recently it has completed a round of equity
funding, through a private placement, for combined group proceeds of $250,000
at a price of $0.58 per unit. Each unit consists of one share of the company’s
common stock, par value $0.001, and a warrant to purchase one share of Common
Stock. The warrants can be exercised for a period of two years at a purchase
price of $0.90 per whole share. The proceeds of this private placement will be
used by the Well Power to meet its licensing requirements and to move forward
with the development of the Micro-Refinery Unit (“MRU”) and for general working
capital.
The MRU will be an
assembly of proven commercial technologies with a proprietary micro-processing
system as the key technology component. Further, various liquid and power
outputs are said to be achievable with the addition of catalytic reactors and
power generation components.
Well Power
President, Dan Patience, recently commented, “There has been a tremendous
response from the oil and gas industry as well as the investment community. We
are now well positioned to move forward with the business of the company and to
carry out our development plan for this unique technology. I am very pleased
with the terms of this funding as we feel it is responsible to our current
shareholders.”
The company desires
to position itself as a technology company that provides oil and gas producers
and operators a way in which to process otherwise wasted natural gas. This
waste includes stranded, shut-in, flared and vented gas, and produce valued
end-products including Engineered FuelTM (diesel, diluents, synthetic crude)
and electrical power. Well Power’s licensed technology, in the form of their
Micro Refinery Unit (MRU), offers a way of turning natural gas waste into Green
Fuel™ and clean power with a solution that is mobile, high-yield, and
economically deployable. The MRU is a combination of proven commercial
technologies, with a proprietary micro-reactor system for hydrocarbon processing
and catalytic reactions. It is flexible, scalable, modular, efficient, and
easily custom configured.
For more information
about the company, visit www.wellpowerinc.com
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