newcoin wrote: retiredcf wrote: For those who are unaware, GRN was halted an hour before the markets opened. GLTA
Greenlane Announces Overnight Marketed Offering of Units
Business Wire Business WireFebruary 10, 2020Comment
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Greenlane Renewables Inc. ("Greenlane") (TSXV: GRN / FSE: 52G) announces that it has commenced an overnight marketed underwritten public offering (the "Offering") of units (the "Units") of the Company. Each Unit will consist of one common share in the capital of Greenlane (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share.
Beacon Securities Limited is acting as lead underwriter and sole bookrunner on behalf of itself and a syndicate of underwriters (collectively, the "Underwriters") in connection with the Offering. The number, pricing and terms of securities will be determined in the course of marketing and there can be no assurance as to whether or when the Offering will be completed, or as to the actual size or terms of the Offering.
The Offering is being conducted pursuant to the Company’s Canadian base shelf prospectus (the "Base Shelf Prospectus") filed with securities regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario (the "Qualifying Jurisdictions"). A preliminary prospectus supplement dated February 10, 2020 (the "Preliminary Prospectus Supplement") has been filed in the Qualifying Jurisdictions. A final prospectus supplement (the "Final Prospectus Supplement") relating to the Offering will be filed in the Qualifying Jurisdictions following pricing of the Offering. Copies of the Preliminary Prospectus Supplement, Final Prospectus Supplement and accompanying Base Shelf Prospectus can be obtained from SEDAR at www.sedar.com.
Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Company will use the net proceeds of the Offering for the following purposes: (i) investments in the Company’s build, own and operate biogas upgrader initiatives; (ii) the required payment to Pressure Technologies plc against the outstanding promissory note issued to acquire the Greenlane biogas business; and (iii) general corporate purposes and working capital.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 100 biogas upgrading units supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers improve their environmental impact, green credentials, and bottom line. For further information, please visit www.greelanerenewables.com.