VANCOUVER, BC and CALGARY, AB, Sept. 12,
2024 /CNW/ - Northstar Clean Technologies Inc.
(TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is
pleased to announce that it has completed its first draw of
approximately C$1.6 million under its
C$8.75 million non-revolving senior
secured project loan facility (the "BDC Facility") with the
Business Development Bank of Canada ("BDC"), previously announced by the
Company on July 7, 2023, for the
planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary
Facility").
The Company provided evidence to BDC that it has sufficient
funding to fully satisfy all the remaining project costs to project
completion of the Empower Calgary Facility. The Company has now
satisfied all conditions precedent to draw on the BDC Facility. The
Company expects to continue drawing down on the BDC Facility as the
Empower Calgary Facility progresses through to completion.
The BDC Facility has a 15-year repayment period with a two-year
interest only payment period, which has now commenced. The annual
interest rate of the BDC Facility is 7.95% fixed for five years,
which has been amended downwards from the previously announced
8.35%.
Mr. Aidan Mills, President &
CEO and Director of Northstar, stated, "We are excited to have
reached the point of the first draw of the BDC Facility, which
marks a significant step forward as it requires demonstrated
progress in project expenditures to date and equipment fabrication.
The Empower Calgary Facility is moving toward completion and we are
grateful to have BDC as a financial partner. BDC's support has been
invaluable in funding and facilitating this first-of-its-kind
facility. We look forward to successfully operating the Empower
Calgary Facility and collaborating with BDC on potential future
projects to expand Northstar technology across Canada and the US."
Mr. Reese Jenkins, Director,
Corporate Financing at BDC, stated "As the bank for entrepreneurs,
BDC is happy to support Northstar in its growth journey and by
extension, tackle one of today's big challenges. By providing the
initial funding draw on Northstar's project, we are helping to
build a greener economy."
About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology
company focused on the sustainable recovery and reprocessing of
asphalt shingles. Northstar has developed a proprietary design
process for taking discarded asphalt shingles, otherwise destined
for already over-crowded landfills, and extracting the liquid
asphalt for use in new hot mix asphalt, shingle manufacturing and
asphalt flat roof systems, and aggregate and fiber for use in
construction products and other industrial applications. Focused on
the circular economy, Northstar plans to reprocess used or
defective asphalt shingle waste back into its three primary
components for reuse/resale at its first commercial scale up
facility in Calgary, Alberta. As
an emerging innovator in sustainable processing, Northstar's
mission is to be the leader in the recovery and reprocessing of
asphalt shingles in North America,
extracting the recovered components from asphalt shingles that
would otherwise be sent to landfill.
For further information about Northstar, please visit
www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange ("TSXV") nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release. The TSXV has neither approved nor disapproved the contents
of this press release.
This press release may contain forward‐looking information
within the meaning of applicable securities legislation, which
forward‐looking information reflects the Company's current
expectations regarding future events. Forward-looking statements
are often identified by the words "may", "would", "could",
"should", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" or similar expressions. Forward-looking
statements in this press release include, but are not limited to,
statements concerning: (i) repayment of the BDC Facility; (ii)
operation of the Empower Calgary Facility and continuing
to draw down on the BDC Facility as the project
progresses; (iii) collaborating with BDC on future
projects to expand Northstar technology across Canada and the US; (iv) the
Company's plans for reprocessing asphalt shingle waste; and (v)
Northstar's ability to become a leader in the recovery and
reprocessing of asphalt shingles in North
America. Such statements are subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements, including risks related to factors beyond the control
of the Company as well as those risks and uncertainties which are
more fully described under the heading "Risk Factors" in the
Company's annual information form for the year ended December 31, 2022 and in the Company's annual and
quarterly management's discussion and analysis and other filings
with the Canadian securities regulatory authorities under the
Company's profile on SEDAR+. Further, the ongoing labour shortages,
high energy costs, inflationary pressures, rising interest rates,
the global financial climate and the conflicts in Ukraine and Palestine and surrounding regions
are some additional factors that are affecting current economic
conditions and increasing economic uncertainty, which may impact
the Company's operating performance, financial position, and future
prospects. Collectively, the potential impacts of this economic
environment pose risks that are currently indescribable and
immeasurable. Readers are cautioned that forward-looking statements
are not guarantees of future performance or events and,
accordingly, are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty of such
statements. These forward-looking statements are made as of the
date of this news release and, unless required by applicable law,
the Company assumes no obligation to update these forward-looking
statements.
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SOURCE Northstar Clean Technologies Inc.