Aduro Clean Technologies Increases Private Placement Up To $3,525,000
June 11 2024 - 9:00AM
Aduro Clean Technologies Increases Private Placement Up To
$3,525,000
Aduro Clean Technologies Inc.
(“
Aduro” or the “
Company”) (CSE:
ACT) (OTCQX:
ACTHF) (FSE:
9D50), a Canadian technology company using the
power of chemistry to transform lower value feedstocks, like waste
plastics, heavy bitumen, and renewable oils, into resources for the
21st century, is pleased to announce that, further to its news
release dated May 29, 2024, due to strong investor demand, it has
increased the size of its non-brokered private placement of units
(each, a “
Unit”) up to a maximum of 2,711,538
Units, at a price of $1.30 per Unit, for gross proceeds of a
maximum of $3,525,000 (the “
LIFE Offering”). The
Company is processing existing subscription agreements already
received to date and is unable to accept any further subscriptions
at this time.
Each Unit will consist of one (1) common share
in the capital of the Company (each, a “Common
Share”) and one-half (1/2) of one Common Share purchase
warrant (each whole warrant, a “Warrant”). Each
Warrant will be exercisable into one (1) Common Share (each, a
“Warrant Share”) at a price of $1.60 per Warrant
Share for a period of two (2) years, provided that if the Common
Shares have a closing price on the Canadian Securities Exchange
(the “CSE”) (or such other securities exchange on
which the Common Shares may be traded at such time) of $1.90 or
greater per Common Share for a period of ten (10) consecutive
trading days at any time after the issuance of the Warrants, then
the Company may accelerate the expiry date of the Warrants by
giving notice to the holders thereof (by disseminating a news
release advising of the acceleration of the expiry date of the
Warrants) and, in such case, the Warrants will expire on the
thirtieth (30th) day after the date of such notice.
There is an amended offering document (the
“Amended Offering Document”) related to the LIFE
Offering that can be accessed under the Company’s profile at
www.sedarplus.ca and on the Company’s website at
www.adurocleantech.com. Prospective investors should read the
Amended Offering Document before making an investment decision.
As disclosed in the Amended Offering Document,
the Company intends to use the net proceeds from the LIFE Offering
to fund their research and development of the Company’s chemical
recycling technologies and for general administrative and working
capital expenses.
The Units offered as a part of the LIFE Offering
shall be offered to purchasers resident in all provinces of Canada,
including Quebec, pursuant to the listed issuer financing exemption
under Part 5A of NI 45-106 (the “Listed Issuer Financing
Exemption”). Units offered under the Listed Issuer
Financing Exemption will not be subject to resale restrictions to
Canadian resident investors pursuant to applicable Canadian
securities laws.
The LIFE Offering is anticipated to close on or
about June 14, 2024, or such later date as the Company may
determine. The closing is subject to certain conditions including,
but not limited to, a minimum of $2,000,001 in gross proceeds being
raised by the LIFE Offering and the receipt of all necessary
regulatory and other approvals, including the Company’s completion
of its filing obligations under the policies of the CSE.
As disclosed in the Amended Offering Document,
the Company may pay finder’s fees under the LIFE Offering as
permitted by CSE policy and applicable securities laws.
None of the securities sold in connection with
the LIFE Offering will be registered under the United States
Securities Act of 1933, as amended, and none of these securities
may be offered or sold in the United States. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
For further information, please
contact:
Ofer Vicus, CEOovicus@adurocleantech.com
Abe Dyck, Investor Relationsir@adurocleantech.com+1 226 784
8889
ArrowheadThomas Renaud, Managing
Directorenquire@arrowheadbid.com+1 212 619 6889
Forward-Looking Statements
This news release contains forward-looking
statements. All statements, other than statements of historical
fact that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future are forward-looking statements. Forward-looking statements
in this news release include statements regarding: the Company
completing the LIFE Offering as planned, the intended use of
proceeds of the LIFE Offering, the closing conditions of the LIFE
Offering, that the Company is processing existing subscription
agreements and will not be accepting any further subscriptions, and
the anticipated closing date of the LIFE Offering. The
forward-looking statements reflect management’s current
expectations based on information currently available and are
subject to a number of risks and uncertainties that may cause
outcomes to differ materially from those discussed in the
forward-looking statements including: the Company may not complete
the LIFE Offering as proposed; the proceeds of the LIFE Offering
may not be used as stated in this news release; the Company may be
unable to satisfy all of the conditions to the closing of the LIFE
Offering; the Company may accept additional subscriptions in the
LIFE Offering; and adverse market conditions and other factors
beyond the control of the parties. Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, undue reliance should not be put on
such statements due to their inherent uncertainty. Factors that
could cause actual results or events to differ materially from
current expectations include general market conditions and other
factors beyond the control of the Company. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by applicable
law.
The Canadian Securities Exchange (operated by
CNSX Markets Inc.) has neither approved nor disapproved of the
contents of this press release.
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