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Toronto Cleantech Capital Inc. Announces Closing of Initial Public Offering

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Toronto Cleantech Capital Inc. (TSXV: YAY.P) (“TCTC” or the “Corporation”) recently announced that it has successfully completed its initial public offering of 2,500,000 common shares of the Corporation (“Common Shares”) at a price of $0.10 per Common Share for gross proceeds of $250,000 (the “Offering”). After completion of the Offering, the Corporation now has 11,500,000 Common Shares issued and outstanding.

The President, Chief Executive Officer of Toronto Cleantech Capital Inc. is James Sbrolla, a well-known cleantech expert and entrepreneur.  The Board of Directors of the Corporation include seasoned cleantech professionals experts in business and finance.

Leede Jones Gable Inc. (the “Agent“) acted as the agent for the Offering and in connection therewith, the Corporation granted the Agent non-transferable warrants (the “Agent’s Warrants“) which entitle the Agent to purchase up to 200,000 Common Shares at an exercise price $0.10 per Common Share. The Agent’s Warrants will expire 24 months from the date the Common Shares were listed on the TSX Venture Exchange (the “Exchange“), which was June 30, 2021. In connection with the Offering, the Agent also received a cash commission equal to 8.0% of the gross proceeds of the Offering, a corporate finance fee, and was reimbursed for its legal fees and reasonable expenses.

Concurrent with the closing of the Offering, the Corporation also granted options to acquire an aggregate of 950,000 Common Shares at an exercise price of $0.10 per Common Share to directors and officers of the Corporation, which options expire five years from the date of grant.

The Corporation is a “capital pool company” and intends to use the net proceeds of the Offering to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the policies of the Exchange. On June 28, 2021, the Exchange issued a bulletin listing the Common Shares as of market open on June 30, 2021, and immediately halting trading pending completion of closing (the “Exchange Bulletin“). The Common Shares are anticipated to resume trading under the trading symbol “YAY.P” on July 6, 2021.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

For further information, please contact:

Toronto Cleantech Capital Inc.
James Sbrolla – President, Chief Executive Officer, and Director

(416) 828-2077
Email: [email protected]

 

Enerkem secures $76.3 million in financing

Quebec-based Enerkem Inc., a global company specializing in producing biofuels waste, recently announced the closing of a new round of financing totaling C$76.3 million. The financing comes from Enerkem’s existing investors, as well as a new investor, Suncor Energy Inc.

This injection of additional capital will help foster the company’s growth by continuing the development of its other projects, including in Varennes, Québec, and Rotterdam, Holland.

Suncor, one of Canada’s largest energy companies, is joining Enerkem’s shareholders, comprising Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarité FTQ, Investissement Québec, National Bank of Canada, Rho Ventures, Sunkem, the Westly Group and Waste Management of Canada. In addition to its equity interest, Suncor will share technical resources to support acceleration of Enerkem’s growth.

Similarly, as part of this financing, the Government of Québec has increased its equity ownership in Enerkem by $13.3 million through the Fonds du développement économique.

“We are now in a period of sustained growth and beginning a landmark phase of our technology’s implementation, with the expected launch of our Varennes plant and our Rotterdam project,” said Dominique Boies, President and CEO (acting) and Chief Financial Officer, Enerkem. “Thanks to a strong core of public and private investors, Enerkem has developed a clean, one-of-a-kind technology for commercial use. We are proud of also having the Government of Québec’s support to be able to pursue our development projects in an emerging and promising sector that is helping to build the new economy.”

About Enerkem
Enerkem produces advanced biofuels and renewable chemicals from waste. Its proprietary technology converts non-recyclable municipal solid waste into methanol, ethanol and other widely used chemical intermediates. Headquartered in Montréal, Québec, Canada, Enerkem employs over 200 people. The company operates a full-scale commercial facility in Alberta, as well as an innovation centre in Québec. Enerkem’s facilities are built as prefabricated systems based on the company’s modular manufacturing infrastructure that can be deployed globally.