THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
SARNIA, ON / ACCESSWIRE / March 17, 2022 / Aduro Clean Technologies Inc. ("Aduro" or the "Company") (CSE:ACT) (OTCQB:ACTHF) (FSE:9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces that it intends to complete a non-brokered private placement offering (the "Offering") of up to 2,857,142 units (each, a "Unit") at a price of $0.70 per Unit for gross proceeds of up to $2,000,000. Each Unit is comprised of one common share (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share at a price of $1.00 per share, for a period of two years from the date the Units are issued. If during the exercise period of the Warrants, but after the resale restrictions on the shares have expired, the Company's shares trade at or above a weighted average trading price of $1.25 per share for ten (10) consecutive trading days, the Company may accelerate the expiry time of the warrants by giving written notice to warrant holders by dissemination of a news release that the warrants will expire 30 days from the date of providing such notice.
The Company plans to allocate the net proceeds of the Offering to general working capital purposes. The Company may increase or decrease the size of the Offering in its sole discretion. The Offering will be non-brokered, but the Company may, as determined in its sole discretion, pay reasonable customary brokers' and/or finders fees, as applicable, in connection with the completion of the Offering. All securities issued pursuant to the Offering will be subject to applicable resale restrictions, including a four-month hold from the date of issuance.
"This private placement is a critical step as the Company prepares the path to commercialization," says Ofer Vicus, Chairman and Chief Executive Officer of Aduro. "The interest shown in the private placement demonstrates that there is a clear interest in the Company's plans and technology."
The securities being offered in the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit, of U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy or shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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