EarthRenew Upsizes Private Placement and Closes Final Tranche
20 Febrero 2020 - 7:00AM
EarthRenew Inc. (CSE:ERTH) (“
EarthRenew” or the
“
Company”) is pleased to announce that, as a
result of increased investor demand, it has increased its
previously announced non-brokered private placement financing of
common shares from gross proceeds of $2 million to $2,328,100 (the
“
Upsized Offering”) and it has
closed the second and final tranche of the Upsized Offering (the
“
Final Tranche”). For more
information on the Upsized Offering and the closing of the first
tranche, please see the Company’s press releases dated October 21,
2019 and November 28, 2019, respectively, which are available under
the Company’s profile on SEDAR at www.sedar.com.
Pursuant to the Final Tranche, EarthRenew issued
32,860,000 common shares (the “Shares”) at a price
of $0.05 per Share for gross proceeds of $1,643,000. The Shares
issued in connection with the Final Tranche are subject to a
statutory four month hold period, which expires on June 21, 2020.
Finder’s fees were paid in connection with the Final Tranche in
accordance with the policies of the Canadian Securities Exchange
consisting of aggregate cash commissions equal to $76,510,
representing 7% of the gross proceeds in respect of certain
subscriptions, and 1,530,200 finder warrants
(“Finder Warrants”), representing
7% of the shares issued in respect of certain subscriptions. Each
Finder Warrant entitles the holder thereof to purchase one common
share at a price of $0.10 per common share for a period of 24
months, expiring on February 20, 2022.
The net proceeds of the Final Tranche are
expected to be used for costs incurred for purchasing equipment,
engineering and pilot projects and general corporate purposes.
About EarthRenew
EarthRenew is a low-cost sustainable
power-generation company with a patented production process that
converts livestock waste to nutrient-rich, slow-release pelleted
organic fertilizer. EarthRenew converts natural gas to electricity
from an industrial-sized gas turbine which it intends to capitalize
on through various revenue drivers. These include selling surplus
electricity to the electrical grid and to cryptocurrency miners
which can co-locate on site and to dry manure feedstock to produce
high value organic fertilizer. The Company has a commercial scale
operation in Strathmore, Alberta.
For additional information, please contact:
Keith Driver CEO of EarthRenew Phone: (403)
860-8623 E-mail: kdriver@earthrenew.ca
Cautionary Note Regarding
Forward-Looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the Offering, such as the
expected use of the net proceeds of the Final Tranche. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; regulatory risks; and other risks of the energy,
fertilizer and cryptocurrency industries. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its
Market Regulator (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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