ITRO Itronics Inc (CE)

Reno-based green silver maker Itronics, Inc. (OTCBB: ITRO), in preparing to move forward with its financing plans, has extended $2.3 million in current debt to a long-term obligation, making it easier for the environmental company to raise capital.

In an 8-K filing last week, Itronics revealed that 63% of the convertible note holders of Series 2000 notes had agreed to extend the principal and interest due. The Company noted in a March 27, 2009 announcement that the notes were no longer delinquent and could now be carried on the books as a long-term debt.

The move adds $1.6 million to working capital, Itronics notes.

In extending the debt, Itronics lowered the interest rate being paid, though actual figures were not revealed.

Previously, Itronics disclosed plans to expand its silver refinery in a February 24, 2009 announcement. At that time, Itronics founder Dr. John Whitney had said the company was seeking $500,000 in funding to finance that program which would increase silver refining capacity ten-fold. But Friday's 8-K revealed the total financing could be as high as $5 million.

Itronics' core product is a family of environmentally friendly liquid fertilizers it manufactures under its GOLD'n GRO brand. The 'green silver' is recovered from recycled photowaste liquids and the clean fluids used to make fertilizers.

As demand is on the upswing for environmentally friendly alternatives to chemical fertilizers, Itronics has seen its sales grow in double-digits. While forecasts have not been released, its apparent by Itronics plans of increasing green silver refining capacity ten-fold, that it looks to see GOLD'n GRO sales keep up its pace of growth. The Company will release its year-end results April 15.

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