VANCOUVER, BC, Aug. 16, 2022 /CNW/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") with Renewable U Energy Inc. ("Renewable U") for 1,250,000 common shares (the "Shares") at a price of $0.40 per Share for gross proceeds of $500,000.
Concurrent with the Private Placement, the Company and Renewable U have signed a non-binding and non-exclusive term sheet covering the Company's phase 1 expansion program of three asphalt shingle reprocessing facilities. With this stand-alone strategic equity investment, Renewable U has agreed to a twelve-month hold period, during which time the Shares may not be traded. There are no finder's fees payable pursuant to the Private Placement.
While the Company has received conditional approval of the Private Placement from the TSX Venture stock exchange, closing remains subject to final acceptance.
The Company intends to use the proceeds from the Private Placement for general corporate purposes