GREY:XEBEQ - Post by User
Post by
RiskonRiskoffon Nov 12, 2020 9:59pm
855 Views
Post# 31892683
Xebec and Shenergy Strengthen Partnership to Develop China’s
Xebec and Shenergy Strengthen Partnership to Develop China’s
I was hoping someone could enlighten me regarding this press release.
Per note 16 From the annual 2019 audited Financials Xebec had to buyback the outstanding shares issued from Xebec (Shanghai) in 2015 for $3.4M by Dec. 31, 2020. These shares represented 30% of Xebec (Shanghai). One of the Xebec (Shanghai) shareholders was a subsidiary of Shenergy with a 28.26% share. So from what I gather this is just a restructuring of Xebec’s obligation to buyback those shares and not a “New” equity injection.
MONTREAL, (QC), November 12th, 2020 – Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, today announced a strengthened partnership with Shanghai based Shenergy Group Company Limited (“Shenergy”). Initially formed in 2015, the existing Sino-Joint Venture partnership with Xebec Shanghai, will receive a direct strategic equity investment ($3.4M) from Shenergy in exchange for the debt and interest owed by Xebec for its share buyback obligation. The newly formed partnership will open large-scale opportunities to develop hydrogen infrastructure in China. Shenergy is one of several designated state-owned enterprises tasked with building out hydrogen infrastructure in Shanghai and across China.