Taronis Fuels, Inc. (OTCQB: TRNF) announced plans to repay $7.05 million of its $7.65 million senior secured convertible note, with only one note holder maintaining their $0.6 million note. This repayment simplifies the capital structure and enhances the balance sheet. CEO Scott Mahoney stated that reducing convertible debt will improve flexibility for securing a line of credit and may attract more investors. The company aims for an up-list to a national exchange, minimizing uncertainty for shareholders as it executes growth objectives.
Taronis Fuels, Inc. (OTCQB: TRNF) announced the closing of a $10.85 million private placement of common stock at $0.10 per share to repay a $7.5 million convertible note and enhance working capital. The company will add at least one new board seat, expected to be filled by Tobias W. Welo, a seasoned asset manager. CEO Scott Mahoney expressed optimism about the capital raising enhancing the company’s financial flexibility for growth. The stock sold is exempt from registration under the Securities Act.