CALGARY, Alberta, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce the initiation of a formal process to raise external capital to fund the development and construction of its planned solar glass manufacturing facility (the “Project"). This decision is supported by the Company’s recently completed Front End Engineering and Design (FEED) study that was prepared by an internationally recognized specialty glass manufacturing engineering firm.
“We are delighted to initiate the process to fund our solar glass manufacturing facility, the only of its kind in North America,” stated Glenn Leroux, President and CEO of CPS. “This project is expected to generate significant value for our shareholders while making a positive impact on the environment and in the local community.”
Project Highlights
- Solar Glass Demand Growth
- North American demand for solar glass is expected to grow significantly over the next several years in order to satisfy unprecedented growth in solar energy infrastructure expansion
- Strategic Location
- As the only facility of its kind in North America, the Project will alleviate logistical challenges and dependence upon Asia Pacific glass producers, providing solar panel manufacturers with a domestic source of solar glass
- Low Carbon Intensity
- The Project’s solar glass production is expected to have the lowest carbon intensity in the industry due to the use of renewable hydroelectricity, its close proximity to silica sand supply and other supply chain advantages relative to offshore manufacturers
- Positive Community Impact
- The Project is expected to create 600 jobs during construction and, once operational, over 300 full-time employment opportunities for the City of Selkirk, surrounding communities and the communities of Hollow Water First Nation, Seymourville and Manigotagan
- Strong Project Economics
- Attractive capital and operating cost profile supported by the integration of the Company’s 100% owned silica sand supply, access to low-cost renewable energy and the potential for future expansion that will utilize common infrastructure
The Company has retained Fort Capital Partners and Peters & Co. Limited as co-financial advisors to assist in its process of capitalizing the Project. When appropriate, the Company will provide updates on the development of the Project.
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly-owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
COMPANY CONTACT INFORMATION:
| Canadian Premium Sand Inc. |
|
| Glenn Leroux |
Cam Deller |
| President and Chief Executive Officer |
Chief Financial Officer |
| glenn.leroux@cpsmail.com |
cam.deller@cpsmail.com |
Investor Relations
IR@cpsmail.com
587.355.3714
www.cpsglass.com
FINANCIAL ADVISOR CONTACT INFORMATION:
| Fort Capital Partners |
Peters & Co. Limited |
| Kyle Rookes |
Callum Moore |
| Managing Partner |
Principal |
| kyle.rookes@fortcapital.ca |
cmoore@petersco.com |
Forward Looking Information
Certain statements contained in this press release constitute forward-looking statements relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as “expects”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “plans”, “seeks”, “projects” or variations of such words and phrases, or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Such forward-looking statements reflect the Company's beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the expectation that the Project will be funded and constructed and generate significant value for shareholders and make a positive impact on the environment and in the local community; the North American demand growth for solar glass and solar energy infrastructure expansion; the benefits of the Project resulting from its location; the expected emission intensity of the Project relative to other projects and manufacturers; the number of jobs to be created in connection with the Project; and the anticipated economics of the Project including having an attractive capital and operating cost profile supported by the integration of the Company’s 100% owned silica sand supply, access to low-cost renewable energy and the potential for future expansion that will utilize common infrastructure; projections about the solar glass market; future development plans; industry activity levels; industry conditions pertaining to the solar glass manufacturing industry; the ability of and manner by which the Company expects to meet its capital needs; and the Company's objectives, strategies and competitive strengths.
By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated by the Company and described in the forward-looking statements.
The forward-looking information and statements contained in this document speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Market, Independent Third Party and Industry Data
Certain market, independent third-party and industry data contained in this press release is based upon information from government or other independent industry publications and reports or based on estimates derived from such publications and reports. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but the Company has not conducted its own independent verification of such information. This press release also includes certain data derived from public filings made by independent third parties. While the Company believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. The Company has not independently verified any of the data from independent third-party sources referred to in this press release or ascertained the underlying assumptions relied upon by such sources.
