VANCOUVER, BC and CALGARY, AB, Nov. 26,
2024 /CNW/ - Northstar Clean Technologies Inc.
(TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is
pleased to announce key senior management changes at Northstar that
will build on its strong momentum and lay the foundation for
continued success. The changes include the appointments of Mr.
Greg Phaneuf, CPA:CA, CFA as Chief
Financial Officer ("CFO") and Vice President of Corporate
Development, Ms. Lynda Paananen,
CPA:CA as Corporate Controller, and the promotion of Ms.
Kellie Johnston to Chief Legal and
Administrative Officer ("CLAO").
Mr. Phaneuf brings extensive experience in corporate finance,
M&A, and capital markets, with a proven track record of
delivering strategic growth initiatives to the role of CFO and VP
of Corporate Development. Most recently, as CFO, SVP Corporate
Development, and co-founder of publicly listed Grounded Lithium
Corp., Mr. Phaneuf played a critical role in leading the company's
financing efforts, securing approximately $25 million in funding, and executing
transformative transactions which included a $15 million farm-out agreement to a multi-billion
dollar market capitalization uranium mining company. Moreover, over
his career, Mr. Phaneuf has been involved in or led equity, debt
and credit financings in excess of $2
billion and equally involved in or lead corporate
acquisition and divestitures in excess of $7.5 billion, inclusive of a $390 million acquisition of an industrial
conglomerate during his tenure as VP Corporate Development for a
large Alberta-based construction
and industrial conglomerate. His leadership in financial reporting,
business development, and capital market engagements will be
instrumental as Northstar continues to expand.
Joining Mr. Phaneuf's team, Lynda
Paananen has been appointed Corporate Controller. A seasoned
CPA with over 20 years of experience, Ms. Paananen has demonstrated
expertise in compliance reporting, financial governance, and
multi-segment operating accounting. Most recently, she served as
Director of Finance at MEG Energy Corp., where she operationalized
complex capital market strategies, enhanced risk management
frameworks, and implemented process improvements to support
organizational growth. Her dedication to excellence and ability to
navigate dynamic financial environments will further strengthen
Northstar's financial operations.
In addition, Kellie Johnston has
been promoted to CLAO. In this expanded capacity, Ms. Johnston will
oversee Sustainability, Human Resources, Government and Public
Affairs, Governance and Communications, as well as Corporate
Branding and Marketing, while continuing to lead all legal
functions of the business. This promotion reflects Ms. Johnston's
exceptional leadership and ability to integrate critical
administrative functions into the Company's broader strategy.
Mr. Phaneuf's appointment as CFO will be effective December 2, 2024. To ensure a smooth transition,
Christopher Park, who has been
serving as Interim CFO, will continue to provide support until the
end of the first quarter of 2025.
Aidan Mills, President & CEO
of Northstar, commented: "These senior management changes mark an
exciting chapter for Northstar as we close in on the completion of
our first commercial facility in Calgary. Greg and Lynda bring exceptional
experience and expertise that will enhance our financial and
operational capabilities, while Kellie's expanded role reflects her
important contributions over her time here. I also want to extend
my sincere gratitude to Chris for his support and leadership during
a pivotal time for the Company. His efforts have been instrumental
in ensuring stability and progress, and we are grateful for his
continued guidance during this transition."
Grant under the Company's Omnibus Equity Incentive
The Company also announces that it has granted (the "Grant")
restricted share units ("RSUs") and stock options ("Options") to
certain officers and employees pursuant to the Company's Omnibus
Equity Incentive Plan dated November 28,
2023 (the "Plan").
The board of directors of the Company has approved the grant of
an aggregate of 310,00 RSUs and 310,000 Options to certain officers
and employees of the Company. Each RSU was granted at a deemed
price of $0.215, consistent with the
pricing established during the 2024 long-term incentive
calculation, and represents, once vested, one common share in the
capital of the Company (each, a "Share'). Upon vesting, each Option
may be exercised to purchase one Share at a price of $0.28 per Share for a period of five years from
the date of issuance.
All the Options, the RSUs and the Shares underlying such Options
and RSUs, as applicable, are subject to a hold period of four
months and one day from the date of issuance.
Further details regarding the Plan are set out in the management
information circular of the Company dated May 14, 2024, which is available on the Company's
website at www.northstarcleantech.com or on SEDAR+ at
www.sedarplus.ca.
None of the securities acquired in the Grant will be registered
under the United States Securities Act of 1933, as amended (the
"1933 Act"), and none of them may be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the 1933 Act. This news release shall not
constitute an offer to sell or solicitation of an offer to buy nor
shall there be any sale of the securities in any state where such
offer, solicitation, or sale would be unlawful.
About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology
company focused on the sustainable recovery and reprocessing of
asphalt shingles. Northstar has developed a proprietary design
process for taking discarded asphalt shingles, otherwise destined
for already over-crowded landfills, and extracting the liquid
asphalt for use in new hot mix asphalt, shingle manufacturing and
asphalt flat roof systems, and aggregate and fiber for use in
construction products and other industrial applications. Focused on
the circular economy, Northstar plans to reprocess used or
defective asphalt shingle waste back into its three primary
components for reuse/resale at its first commercial scale up
facility in Calgary, Alberta. As
an emerging innovator in sustainable processing, Northstar's
mission is to be the leader in the recovery and reprocessing of
asphalt shingles in North America,
extracting the recovered components from asphalt shingles that
would otherwise be sent to landfill.
For further information about Northstar, please
visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release. The
TSXV has neither approved nor disapproved the contents of this
press release.
Cautionary Statement on Forward-Looking Information
This press release may contain forward–looking information
within the meaning of applicable securities legislation, which
forward–looking information reflects the Company's current
expectations regarding future events. Forward-looking statements
are often identified by the words "may", "would", "could",
"should", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" or similar expressions. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the Company's plans to reprocess used or
defective asphalt shingle waste and the Company's mission to become
a leader in the recovery and reprocessing of asphalt shingles in
North America. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements, including risks related to factors beyond the control
of the Company as well as those risks and uncertainties which are
more fully described under the heading "Risk Factors" in the
Company's annual information form for the year ended
December 31, 2022 and in the Company's annual and quarterly
management's discussion and analysis and other filings with the
Canadian securities regulatory authorities under the Company's
profile on SEDAR+. Further, the ongoing labour shortages, high
energy costs, inflationary pressures, rising interest rates, the
global financial climate and the conflicts in Ukraine and Palestine and surrounding regions
are some additional factors that are affecting current economic
conditions and increasing economic uncertainty, which may impact
the Company's operating performance, financial position, and future
prospects. Collectively, the potential impacts of this economic
environment pose risks that are currently indescribable and
immeasurable. Readers are cautioned that forward-looking statements
are not guarantees of future performance or events and,
accordingly, are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty of such
statements. These forward-looking statements are made as of the
date of this news release and, unless required by applicable law,
the Company assumes no obligation to update these forward-looking
statements.
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SOURCE Northstar Clean Technologies Inc.
