Winnipeg, MB, November 20, 2023 — EnerPure Inc. (“EnerPure” or the “Company”), a Manitoba cleantech company, is pleased to announce that it has now closed its oversubscribed CAD$5 million financing as described in its October 23, 2023, news release. In total, the Company raised over CAD$6.9 million through the issuance of 12,600,495 units.
Todd Habicht, CEO and Founder commented: “We have always believed that recycling can and should be part of the energy transition. Our patented process represents a tremendous opportunity to remove GHG emissions while producing a lower carbon-intensive end product. We have validated and proven this opportunity with over two million litres already processed and sold and we are ready to scale.”
Proceeds from this funding has enabled the Company to commence the final engineering for our upsized repeatable recycling plant and will enable the Company to advance on several of our milestones to growth in the coming months unlocking further value for our shareholders. We also wish to take the opportunity to thank our existing and new shareholders for their support in our goal of removing three-quarters of a million tonnes of GHG by the end of 2029.
“Ascenta Finance Corp., led by their Founder & President Marshall Farris, has done a phenomenal job of raising capital in the face of very tough market conditions- which not only speaks to their passion for our story but also the strength of it. A special thanks to Marshall and his team in completing this oversubscribed financing.”, noted Damian Towns, CFO.
Financing Details
The Company issued a total of 12,600,495 Units for aggregate proceeds of $6,930,272 at C$0.55 per unit, full details of which are disclosed in our October 23, 2023, news release. Each Unit consists of one common share and one half of one share purchase warrant and one-tenth of one liquidity dilution warrant exercisable in the event, that certain conditions are not met.
About the Company
“We recycle Used Motor Oil (UMO) to reduce GHG while producing a lower carbon-intensive marine fuel.”
Globally over 26 billion litres of UMO1 are generated each year with approximately 80% of global waste oil being either burnt or dumped. EnerPure has developed a patented process and technology that solves this problem. Based on proven technology, but deployed on a scale not seen before, our micro-scale recycling plants can solve this problem due to its small footprint and low capital requirements.
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. Our marine fuel product is already in high demand due to meeting the exacting standards of the IMO 2020 fuel standard while delivering a carbon intensity that is 8-14% lower than marine fuel produced from crude oil.
1UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination.
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.
