PlasCred Circular Innovations Inc. Announces Closing of Strategic Private Placement
Under the Offering, the Company issued an aggregate of 16,380,000 units (each, a 'Unit') at a price of $0.05 per Unit for gross proceeds of $819,000. Each Unit consists of one common share and one common share purchase warrant (each, a 'Warrant'). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.07 for a period of 36 months from the date of closing. The net proceeds of the Offering will be used to advance construction of the Company's Neos facility, fund engineering and ongoing initiatives to optimize process efficiency, expand marketing efforts, and support general corporate and working capital purposes.
All securities issued pursuant to the Private Placement will be subject to a statutory four-month-plus-one-day hold period. The completion of the Private Placement is subject to the receipt of all required regulatory approvals, including approval from the CSE. The Common Shares were offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation.
In connection with the Offering, the Company's Board of Directors approved a revision to the vesting conditions of 5,000,000 previously issued Performance Warrants. The amended milestones align with the development of the Neos facility: one-third will vest upon securing $15 million in financing or commencement of construction, one-third upon mechanical completion of the facility, and the final third upon achieving a sustained average production rate of 450 barrels per day over a one year period.
About PlasCred Circular Innovations Inc.
PlasCred is at the forefront of rebalancing the future of plastics. The company is transforming plastic waste by granting it a valuable second life. With a vision of advancing towards a climate-positive future, PlasCred aspires to be among the largest advanced plastic waste recyclers in North America and globally. Their groundbreaking patent-pending technology is set to revolutionize the approach to plastic waste management and advanced recycling.
PlasCred also has strategic partnerships with CN Rail, Palantir Technologies Inc., Fibreco Export Inc., and a Global Commodities Company . These collaborations provide PlasCred with world-class logistics, advanced operational intelligence, and stable long-term revenue, supporting its leadership in the circular plastics economy.
For further information on PlasCred, visit our website at www.PlasCred.com
ON BEHALF OF THE BOARD
Troy Lupul - President & CEO
Contact Information
For more information please contact:
PlasCred Circular Innovations Inc.
Troy Lupul
Email: [email protected]
Forward-looking StatementsThe Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259410
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