Vancouver, British Columbia--(Newsfile Corp. - December 21, 2021) - Canadian Nexus Team Ventures Corp., (CSE: TEAM) ("TEAM" or the "Company") invests into an Alberta-based advanced energy and environmental technology company, AdvEn Industries Inc. ("AdvEn").
TEAM has paid cad$1,000,000 to own up to 4.85% of the issued and outstanding shares of AdvEn and will have the option to appoint a director to the board of AdvEn. AdvEN (by way of a business combination with Nano Innovations Inc. ("Nano"), as described below) is expected to seek a NASDAQ listing in 2022.
Prior to the closing with Nano, AdvEn intends to spinout two unique technologies: (1) a carbon fibre technology, through Tangold Inc. ("Tangold"); and (2) a bitumen solidification technology, through AdvEn Bitumen Innovation Inc. ("Bitumen Innovation").
As part of the spinouts, AdvEn intends to distribute Tangold and Bitumen Innovation shares to AdvEn shareholders through a special dividend pari pasu which will include TEAM. Upon completion of the spinouts, TEAM and other strategic shareholders are expected be granted restricted stock units in Tangold and Bitumen Innovation. Additional details of each of these transactions will be disclosed in due course through further press releases as details are finalized.
AdvEn and its shareholders have entered into a share exchange agreement with a private B.C. company Nano, wherein AdvEn shareholders have agreed to exchange all of the issued and outstanding shares of AdvEn with Nano on a one-to-one basis. Nano is currently closing a convertible note bridge financing of $5-7 million USD as a pre-IPO round. Upon the completion of the above transactions, TEAM will hold 3.645% of the issued and outstanding shares of Nano.
"This is the culmination of many months of work and represents a unique opportunity for TEAM. With historic support of nearly $8 million from Alberta and Canadian government grants, Adven has developed game changing technology and we are honored to be such a significant shareholder and look forward to sharing their developments with our shareholders in coming months," stated Arni Johannson
AdvEn takes refinery residues and bitumen from Alberta Oil producers and turn it into non-combustible raw materials for the global electrical energy market. It's products include advanced super activated carbon ("ASAC") and electrode super adhesive coatings ("ESAC"). It has numerous patents and trade secrets and is currently commercializing its products in a 36,000 sq. ft. manufacturing facility in Nisku, AB.
"Through the completed share exchange agreement with AdvEn, Nano will have a truly transformative innovation that, we believe, is disruptive to conventional electrode production," said Michael Steele, CFO of Nano. "Our unique technology supports customer needs by delivering greater storage capacity and faster charge/discharge times. We also lower emissions and clean up waste contributing to a positive sustainability profile. Our ASAC plant is under construction and equipment is being delivered. We welcome Canadian Nexus as strategic shareholder and look forward to working with their team."
About Canadian Nexus Team Ventures Corp.
Canadian Nexus Team Ventures Corp. (CSE: TEAM) is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies and projects. Canadian Nexus leverages its extensive network of operators and global thought leaders to provide investors with a unique multi-opportunity portfolio.
Contact:
Arni Johannson, CEO
604-960-1878
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements about timing, future projects and future revenues are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company and it's wholly-owned subsidiaries, including the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining regulatory approvals (including of the Canadian Securities Exchange), changes in laws, regulations, and policies affecting the Company's operations and the Company's limited operating history.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108242
