Rainmaker Worldwide Announces Agreement for $4.7 Million Sale of Preferred Shares
New capital raise will transition Rainmaker from decade of R&D to an innovative Water-as-a-Service Provider
Peterborough, Ontario - (NewMediaWire) - May 21, 2020 - Rainmaker Worldwide Inc. (OTC: RAKR) announced the signing today of an agreement for the sale of $4.7 million in preferred shares with a new investment group led by Aris Kekedjian, former Chief Investment Officer of The General Electric Company (GE). After a decade of R&D and product testing, this sale will provide Rainmaker initial capital to enter the commercial water market as an innovative Water-as-a-Service provider. Closing of the financing is expected in the third quarter and is subject to certain closing conditions.
Kekedjian joined Rainmaker as a Strategic Advisor in January and has been instrumental in evolving Rainmaker’s business plan to scale its disruptive technology platforms to provide water solutions around the world. He commented, “The WHO estimates that inadequate water supply and sanitation costs the global economy over $250B a year and an estimated $7-10 trillion is required to upgrade, maintain and build water infrastructure. Rainmaker’s distributed, scalable, cost-effective and sustainable solutions are well-positioned to address these human challenges while presenting a significant opportunity for investors.”
Rainmaker has identified multiple subsectors of the water industry that are grossly underserved, require complex solutions, or cost-effective alternatives. These include solutions for islands, arid environments and remote communities, as well as highly effective applications in military, humanitarian and emergency management situations. The company offers economically attractive industrial applications in agriculture, natural resources, food & beverage, healthcare and commercial development.
Rainmaker CEO Michael Skinner stated, “This raise led by Mr. Kekedjian will provide the initial capital required for commercialization and to execute on our current project pipeline. The water market is long overdue for a versatile, scalable, cost-effective and sustainable clean water solution, and Rainmaker’s technology and Water-as-a-Service model is ready to supply it.”
About Rainmaker Worldwide
Rainmaker Worldwide Inc. (OTC: RAKR) is a leader in technology for the production of clean, affordable water. Headquartered in Peterborough, Canada, with an innovation and manufacturing center in Rotterdam, Netherlands, the Company’s patented water technology provides economical drinking water at scale wherever it’s needed. Rainmaker’s goal is to be a global leader in solving the worldwide water crisis. For more information about Rainmaker, visit www.rainmakerww.com.
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