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07 Feb 2024

Dotz has entered into a new funding agreement worth $12mn

Amy Power
Dotz has entered into a new funding agreement worth $12mn

Dotz and Mercer Street Global Opportunity Fund, LLC, a US based investment fund organisation, has announced their new goal to raise up to $12 million. The companies sharing this aim have decided to create a partnership based on a funding agreement, in order to help them meet their funding goal.

The plan that these companies have formed, revolves around Dotz providing Convertible Notes to Mercer, which will come to a minimum of three tranches altogether coming to $5 million. The third tranche will have to go through approval which will be provided by the Company’s shareholders, before it is accepted. This approval may also be required for other tranches, dependant on how much these further tranches are worth.

Once these tranches are received, the plan is for them to be directed towards the acceleration of DotzEarth development programs. Whilst the focus will be predominantly on this area of the project, the funds will also partly go towards repaying unsecured loans and general working capital requirements which are in need of these tranches.

Dotz CEO, Sharon Malka, commented, “We are excited to partner with Mercer at this critical phase of the Company’s evolution. We are delighted that an investment fund of its calibre has backed our technology and the opportunities that we believe this management team can deliver. The backing of Mercer provides the Company with the runway needed in the near-term so that we can accelerate the development of DotzEarth carbon capture technology and execute our plans for growth.”

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