EnerPure Inc: Closes Oversubscribed Financing
Winnipeg, MB, June 08, 2022 (GLOBE NEWSWIRE) -- EnerPure Inc. (“EnerPure” or the “Company”), a Manitoba cleantech company, is pleased to announce that it has closed an oversubscribed financing. In Q1 2022, EnerPure engaged Ascenta Finance Corp. (AscentaFinance.com) to provide strategic advice and to raise capital through the private placement offering of up to 5,000,000 Units of the Company priced at $0.40 per Unit to raise up to $2,000,000 (the “Financing”). Each Unit consists of one common share of the Company and one share purchase warrant priced at $0.70 for a period expiring the earlier of: (i) 12 months from a public listing liquidity event or, (ii) 10 business days from the date that the Company provides written notice of a sale liquidity event. In aggregate, across two tranches (dated March 8 and April 12, 2022), a total of 5,951,250 Units were issued to raise a total of $2,380,500. The net proceeds of the Financing will be used as follows:
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES
Winnipeg, MB, June 08, 2022 (GLOBE NEWSWIRE) -- EnerPure Inc. (“EnerPure” or the “Company”), a Manitoba cleantech company, is pleased to announce that it has closed an oversubscribed financing. In Q1 2022, EnerPure engaged Ascenta Finance Corp. (AscentaFinance.com) to provide strategic advice and to raise capital through the private placement offering of up to 5,000,000 Units of the Company priced at $0.40 per Unit to raise up to $2,000,000 (the “Financing”). Each Unit consists of one common share of the Company and one share purchase warrant priced at $0.70 for a period expiring the earlier of: (i) 12 months from a public listing liquidity event or, (ii) 10 business days from the date that the Company provides written notice of a sale liquidity event. In aggregate, across two tranches (dated March 8 and April 12, 2022), a total of 5,951,250 Units were issued to raise a total of $2,380,500. The net proceeds of the Financing will be used as follows:
- Engineering to produce Approved for Construction drawings for the second-generation commercialized regeneration units; and
- Working capital to be used for securing project financing for regeneration unit deployment.
Todd Habicht, Founder and CEO commented: “Over-subscribing on this financing round demonstrates the excitement around EnerPure’s proven technology and market recognition of the importance of our technology to address the recycling challenges of waste oil. We will be leveraging this capital raise to prepare for the deployment of our regeneration units around North America.”
About the Company
EnerPure is a Manitoba cleantech company founded on the idea that waste oil recycling should be accessible to all communities.
Todd Habicht founded the Company as HD-Petroleum in 2009, after recognizing the global potential of a technology brought to him by his grandfather, Barney Habicht. As CEO, Todd turned his grandfather’s prototype into a commercially proven technology, patent-protected in a dozen strategically selected countries around the world. Todd has assembled a strong team with diverse experience and skills to realize the full potential of the technology and transform his grandfather’s idea into a global reality.
HD-Petroleum became EnerPure in 2020 to better reflect the Company’s focus of being a cleantech energy company – a company that recycles waste petroleum into a clean source of fuel and energy while reducing greenhouse gas (GHG) emissions.
EnerPure’s regeneration technology uses a patented three-phase, closed-loop, continuous flow process to convert waste motor oil into a market-ready marine distillate fuel that exceeds the highest fuel standard now required for international ships under the IMO 2020 Fuel Standard.
EnerPure is pleased to have received funding and support from Sustainable Development Technology Canada (SDTC). SDTC supports companies attempting to do extraordinary things by investing in innovative small and medium-sized businesses to help them grow into successful companies that help solve some of the world’s most pressing environmental challenges. https://www.sdtc.ca/en/
EnerPure is pleased to have received funding and support from the Government of Canada through the Community Adjustment Fund.
For more information please contact:
EnerPure Inc.
www.enerpure.tech
Amar Purewal
Corporate Communications
news@enerpure.tech
250-558-8819
Disclosure and Caution
This press release may contain certain disclosures that may constitute "forward-looking statements" within the meaning of Canadian securities legislation. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and 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 law.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
