TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce that, as a result of increased investor demand, it has increased its previously announced non-brokered private placement financing of common shares from gross proceeds of $2 million to $2,328,100 (the “UpsizedOffering”) and it has closed the second and final tranche of the Upsized Offering (the “FinalTranche”). For more information on the Upsized Offering and the closing of the first tranche, please see the Company’s press releases dated October 21, 2019 and November 28, 2019, respectively, which are available under the Company’s profile on SEDAR at www.sedar.com.
Pursuant to the Final Tranche, EarthRenew issued 32,860,000 common shares (the “Shares”) at a price of $0.05 per Share for gross proceeds of $1,643,000. The Shares issued in connection with the Final Tranche are subject to a statutory four month hold period, which expires on June 21, 2020. Finder’s fees were paid in connection with the Final Tranche in accordance with the policies of the Canadian Securities Exchange consisting of aggregate cash commissions equal to $76,510, representing 7% of the gross proceeds in respect of certain subscriptions, and 1,530,200 finder warrants (“FinderWarrants”), representing 7% of the shares issued in respect of certain subscriptions. Each Finder Warrant entitles the holder thereof to purchase one common share at a price of $0.10 per common share for a period of 24 months, expiring on February 20, 2022.
The net proceeds of the Final Tranche are expected to be used for costs incurred for purchasing equipment, engineering and pilot projects and general corporate purposes.
About EarthRenew
EarthRenew is a low-cost sustainable power-generation company with a patented production process that converts livestock waste to nutrient-rich, slow-release pelleted organic fertilizer. EarthRenew converts natural gas to electricity from an industrial-sized gas turbine which it intends to capitalize on through various revenue drivers. These include selling surplus electricity to the electrical grid and to cryptocurrency miners which can co-locate on site and to dry manure feedstock to produce high value organic fertilizer. The Company has a commercial scale operation in Strathmore, Alberta.
For additional information, please contact:
Keith Driver
CEO of EarthRenew
Phone: (403) 860-8623
E-mail: kdriver@earthrenew.ca
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, such as the expected use of the net proceeds of the Final Tranche. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy, fertilizer and cryptocurrency industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
