Benzinga | Jul 19, 2021 02:40PM EDT

Cavitation Technologies Raises $1.5M In Equity Financing

* Cavitation Technologies, Inc. (OTC:CVAT) has completed a financing of $1.50 million through the sale of ~23 million units.

* Each unit consists of one common share of stock and one stock purchase warrant exercisable at $0.09 per share for a 5-year term.

* It will sell these units primarily to a group of existing shareholders.

* This offering will allow Cavitation to provide funding to the Joint Venture called Enviro Watertek LLC to accelerate commercialization and increase its pro-rata participation in that commercialization.

* Price action: CVAT shares are trading higher by 11.7% at $0.062 on the last check Monday.