STW Resources Holding Corp., a water reclamation company, announced that it has executed a term sheet to obtain $5 million in funding from Kodiak Capital Group LLC. The financing with Kodiak is subject to the completion of due diligence, execution of definitive documentation and filing of a registration statement, which must be declared effective.
Upon implementing this financing, STW intends to execute additional phases of its water reclamation projects in the Marcellus Shale. STW has identified potential water reclamation sites to reclaim hydraulic fracturing flowback water, created during the completion of drilling natural gas wells.
In addition, STW is actively pursuing other applications in Pennsylvania, such as reclamation of acid mine drainage water.
Source: STW Resources Holding Corp.
