Pressure Technologies plc Disposes of Equity Securities of Greenlane Renewables Inc.
VANCOUVER, British Columbia, July 03, 2020 (GLOBE NEWSWIRE) -- Pressure Technologies plc ("Pressure Technologies") announced today that, through a series of trades on July 2, 2020, it has disposed of ownership and control of 7,663,920 common shares ("Greenlane Shares") in the capital of Greenlane Renewables Inc. ("Greenlane") and 5,094,765 warrants to purchase Greenlane Shares ("Warrants", and together with the Greenlane Shares, the "PT Securities"), upon exercise thereof, representing approximately 8.36% of the issued and outstanding Greenlane Shares on an undiluted basis and approximately 13.18% on a partially diluted basis (assuming the exercise of the Warrants only).
VANCOUVER, British Columbia, July 03, 2020 (GLOBE NEWSWIRE) -- Pressure Technologies plc ("Pressure Technologies") announced today that, through a series of trades on July 2, 2020, it has disposed of ownership and control of 7,663,920 common shares ("Greenlane Shares") in the capital of Greenlane Renewables Inc. ("Greenlane") and 5,094,765 warrants to purchase Greenlane Shares ("Warrants", and together with the Greenlane Shares, the "PT Securities"), upon exercise thereof, representing approximately 8.36% of the issued and outstanding Greenlane Shares on an undiluted basis and approximately 13.18% on a partially diluted basis (assuming the exercise of the Warrants only). The disposition was made following the execution a framework agreement dated as of July 2, 2020 with Greenlane, Creation Partners LLP and Brad Douville, which permitted Pressure Technologies to sell the PT Securities by amending and terminating certain contractual arrangements affecting such securities. The disposition was made at an average price of $0.46 per Greenlane Share, and $0.20 per Warrant (net of the exercise price of $0.26 per Warrant), for total gross proceeds of approximately $4,544,356.
Prior to the disposition, Pressure Technologies had ownership and control over 11,757,150 Greenlane Shares and 7,141,380 Warrants, representing approximately 12.82% of the issued and outstanding Greenlane Shares on an undiluted basis and approximately 19.12% on a partially diluted basis (assuming the exercise of the Warrants only).
After the completion of the disposition, Pressure Technologies has ownership and control over 4,093,230 Greenlane Shares and 2,046,615 Warrants, representing less than 10.00% of the issued and outstanding Greenlane Shares on an undiluted basis and on a partially diluted basis (assuming the exercise of the Warrants only).
Pressure Technologies is issuing this press release pursuant to the requirements of National Instrument 62-103. A copy of the related early warning report (the "Report") will be issued by Pressure Technologies and will be filed on the SEDAR website (www.sedar.com) under the profile for Greenlane Renewables Inc. For further information or to obtain a copy of the Report, please contact Pressure Technologies as follows:
Pressure Technologies plc
Unit 6B Newton Business Centre
Newton Chambers Road
Chapeltown, United Kingdom
S35 2PH
Telephone: +44 (0) 114 257 3616