Aduro Clean Technologies closes $20 million public offering

Aduro Clean Technologies Inc. (NASDAQ: ADUR) completed an underwritten public offering that raised approximately $20 million in gross proceeds, the company announced. The offering consisted of 1,739,130 common shares sold with accompanying warrants to purchase 869,565 additional shares.

Each common share was paired with half a warrant, with whole warrants exercisable at $16.00 per share. The warrants are exercisable immediately and expire three years from issuance. D. Boral Capital LLC served as lead underwriter, while Roth Capital Partners acted as financial advisor.

The company plans to use net proceeds primarily for construction of its Demonstration-Scale Plant, with remaining funds allocated to research and development, general corporate purposes and working capital. Underwriters received a 45-day option to purchase up to 260,869 additional shares and warrants for 130,434 shares.

The offering was conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission and became effective upon filing. Securities were offered exclusively to U.S. investors, with no sales to Canadian purchasers.

Aduro Clean Technologies develops water-based technologies for chemically recycling waste plastics and converting heavy crude and renewable oils into higher-value products. The company trades on NASDAQ under ticker ADUR, the Canadian Securities Exchange as ACT, and the Frankfurt Stock Exchange as 9D5.

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