P2 Solar, Inc. announced the recent completion of financing required for the development of its Punjab small hydro projects.
The Company closed financing required for Punjab small hydro project expenses during the past four months, amounting to $240,000. This financing was comprised of $200,000 convertible notes with a conversion price to be negotiated at a future date. The balance of the financing was comprised of $40,000 in an equity private placement. The funds have been deployed towards project expenses.
Raj-Mohinder Gurm, CEO, said, “This financing demonstrates that key investors have confidence in our projects and the ability of our team to execute.” The Company intends to continue to focus on its projects and capital raising plans in the immediate future and feels confident that it will bring its Punjab small hydro projects to operational status as planned.