Winnipeg, MB, October 23, 2023 — 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.