CHAMA Technologaes Inc. announced that it has signed a special private placement agreement for $50 million of equity line funding with Lambert Private Equity LLC.
The terms give CHAMA the right to increase the amount of the equity line funding up to $200 million at CHAMA's discretion.
CHAMA's plan in the use of these funds is for the utilization of its device, the downhole Gazmo, in extracting methane from coal basin methane wells both pre-drilled and development properties. CHAMA also drills and develops oil properties -- both onshore and offshore.
The funding structure is a three-year facility.
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