Aduro Clean Technologies Inc. (“Aduro” or the “Company”), 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 a non-brokered private placement consisting of a minimum of 1,538,462 units of the Company (each, a “Unit”) and a maximum of 1,923,080 Units, at a price of $1.30 per Unit, for gross proceeds of a minimum of $2,000,001 and a maximum of $2,500,004 (the “LIFE Offering”).
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 offering document (the “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 LIFE Offering Document before making an investment decision.
As disclosed in the 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 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.
