REPEAT -- EarthRenew Announces Up to C$10m Equity Facility With Alumina
2020年10月8日 - 9:30PM
EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is
pleased to announce that it has entered into a financing facility
(the “Facility”) for up to C$10 million with Alumina Partners
(Ontario) Ltd. ("Alumina"), an affiliate of New York-based private
equity firm Alumina Partners LLC.
The investment agreement provides the Company
with an at-will financing facility over a period of 24 months
during which the Company can draw down, at its sole discretion,
equity private placement tranches of up to C$500,000. Each tranche
will be composed of units with each unit consisting of one common
share of the Company (each, a “Common Share”) and one Common Share
purchase warrant, at discounts between 15 and 25 percent of the
closing price of the Common Shares on the day prior to EarthRenew's
drawdown notice to Alumina. The exercise price of the warrants will
be at a 25 per cent premium over market at the time of the issuance
and the warrants will have a term of 60 months. Each draw down from
the Facility may be subject to approval of the Canadian Securities
Exchange. All securities issued pursuant to a financing under the
Facility will be subject to a statutory hold period that expires
four months and one day from issuance.
The Company intends to use the net proceeds of
financings under the Facility, if any, for capital equipment
purchases, engineering and construction costs for the redevelopment
of EarthRenew’s Strathmore facility, feasibility studies on future
projects, field and research trials, market development activities,
working capital for the ramp-up of our operations at the Strathmore
facility and general corporate purposes. No finder’s fees will be
paid in connection with a financing under the Facility.
“Global interest in sustainable agriculture is
at an all-time high, yet the common thinking remains stuck in the
previous century, presuming that organic farming necessarily
involves a much higher cost,” explained Adi Nahmani, Managing
Member of Alumina. “We are pleased to invest in EarthRenew as they
accelerate their work to provide an alternative to that paradigm,
supporting sustainable agriculture in a profitable,
market-competitive manner.”
“The Facility provides us with comfort that we
have an option to secure the capital necessary to accelerate the
Strathmore facility recommissioning and pursue U.S. expansion
opportunities over the next 12 months,” Keith Driver, CEO of
EarthRenew, commented.
About EarthRenew
EarthRenew’s mission is to support a farm system
that puts healthy soils and grower profitability back on the
table. EarthRenew transforms livestock waste into a
high-performance organic fertilizer to be used by organic and
traditional growers in Canada and the United States. Located on a
25,000 head cattle feedlot, our flagship Strathmore plant is
capable of producing up to four megawatts (MW) per hour of low-cost
electricity powered by a natural gas fired turbine. The exhausted
heat from the turbine is used to convert manure into certified
organic fertilizer.
For additional information, please contact:
Keith DriverCEO of EarthRenew+1 (403) 860-8623Email:
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 Facility, including
potential drawdowns of equity private placement tranches under the
Facility and the Company’s intended use of proceeds from any such
tranche, the Strathmore facility recommissioning, the pursuit of
U.S. expansion opportunities, and the Company’s strategies, future
plans and objectives. 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, and fertilizer 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.
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