NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES
Winnipeg, MB, Oct. 23, 2023 (GLOBE NEWSWIRE) -- EnerPure Inc. (“EnerPure” or the “Company”), a Manitoba cleantech company, is pleased to provide an update on its current financing to raise CAD$5 million through the offering of Units at $0.55 per Unit. To date, the oversubscribed offering has raised gross proceeds of $6,652,075 through the issuance of 12,084,681 units.
Each Unit consists of one common share and one half of one share purchase warrant (each whole warrant, a "Warrant") and one liquidity dilution warrant (“Liquidity Warrant”). Each Warrant will be exercisable at $0.85 for a period expiring the earlier of: 12 months from a public listing liquidity event; or 10 business days from the date that the Company provides written notice of a sale liquidity event. In the event that EnerPure has not completed a public listing liquidity event or a sales liquidity event on or before the date that is 12 months after the final closing date of the Offering, each Liquidity Warrant will entitle the holder to an additional 0.1 Shares.
The Company and Ascenta Finance Corp. (“Ascenta”) have elected to close this financing on Wednesday, November 15, 2023 and any remaining interested parties should reach out to Marshall Farris (details below) of Ascenta, prior to that date.
The current financing terms were amended in February 2023 to a CAD$5 million raise and a $0.55 unit. EnerPure would like to thank their new and existing shareholders for their continued support.
About the Company
EnerPure is an innovative technology and energy company that is aiding in the transition to a cleaner and greener economy. Our proprietary micro-technology converts UMO (Used Motor Oil) into an IMO 2020 complaint market-ready marine fuel, with a lower carbon footprint.
EnerPure was founded on the belief that waste oil recycling should be accessible to all communities. Our patented micro-technology enables this goal while eliminating the common practice of either dumping or burning waste oil. Our technology has been proven via our full-scale pilot & demonstration plant and is now ready for deployment to start building a truly sustainable energy system within our generation, while preserving the global economy.
UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination. Globally over 26 billion litres of UMO are generated each year with approximately 80% of global waste oil being either burnt or dumped.
For more information, please contact:
EnerPure Inc.
www.enerpure.tech
news@enerpure.tech
604-837-4774
For investment information please contact:
ASCENTA FINANCE CORP.
Marshall Farris, Founder & President
marshall@ascentafinance.com
604-837-4774
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.
