Taronis Technologies, Inc. (NasdaqCM:TRNX) announced that it has entered into a securities purchase agreement with certain institutional investors for private placement of 29,412 series H convertible preferred shares at a price of $850 per share for gross proceeds of $25,000,200 on December 9, 2019. The preferred shares are convertible into 19,608,000 common shares at a fixed conversion price of $1.5 per share. The preferred shares will initially mature in 24months from the end of the calendar month following issuance. The maturity date of the preferred shares will be automatically extended in the event that the company, directly or through its current or former subsidiary, Taronis Fuels, Inc., receives non-refundable deposits of not less than $4,500,000 pursuant to the Turkish contract. The company will also issue 19,608,001 share purchase warrants exercisable at $1.5 per share. The company also has the right to redeem the series H convertible preferred stock, in cash in amount equal to 125% of the conversion amount. The preferred shares will amortize monthly over their term, payable in cash or stock at the company’s election, subject to certain conditions. The holders of the Preferred Shares do not have voting rights. The preferred shares are issued at a discount of $150 per share to the stated value of $1,000 per share. The company may increase the size of offering to 40,000 preferred shares. The transaction is expected to close on or about around January 31, 2019 and is subject to approval of the company’s shareholders at the company’s 2019 annual meeting. The securities issued are subject to lock-up agreement.