Itronics raises capital
Itronics Inc. of Reno said last week it raised $750,000 in capital through the private placement of units composed of convertible promissory notes and warrants.
In a filing with the Securities and Exchange Commission, the company said the notes carry a 10 percent interest rates and are convertible into Itronics common stock at 30 cents a share in the first year and 40 cents a share in later years. The warrants can be exercised at 50 cents a share.
The shares were trading at 16 cents last week.
According to the Site Selectors Guild, the pandemic is shifting corporations’ radar away from big cities like New York City, Los Angeles and Chicago and toward mid-size cities like Reno.