GlyEco, Inc. (OTCPK:GLYE) announced a private placement of units at $0.65 per unit on January 11, 2013. Each unit will consist of one common share and one share purchase warrant. Each whole warrant shall be exercisable at $1.25 per share for a period of three years from the date of issuance. The securities shall be issued to accredited investors pursuant to Regulation D. The transaction is expected to close by February 28, 2013 or at a later date as determined by the company.

As of February 12, 2013, the company issued units for gross proceeds of $1,595,925 to 36 investors. Security Research Associates, Inc. will act as the placement agent to the company. The company will pay sales commissions of $75,000.