Itronics raises $500,000 in fresh capital

Itronics Inc. of Reno raised $500,000 in capital from four private investors.

The publicly held company said it will use the money to expand its sales and production of fertilizer that is manufactured from waste photochemicals. It also will use some of the money to repay debt.

The investors bought convertible notes that pay 6 percent interest. The notes are convertible into Itronics' stock at 10 cents a share. The shares were selling at just a bit under 1 cent a share last week.

The notes are secured by essentially all of Itronics' assets.

The investors also received warrants to purchase up to 20 million shares of Itronics stock at 5 cents a share. Those warrants expire in seven years.