Cleantek Industries announces C$10 million equity financing

July 12, 2021

Torys is representing Cleantek Industries with a team that includes Janan Paskaran, Neville Jugnauth, Jon McDonald and Cassondra Lozynsky (corporate/securities).

On July 12, 2021, Cleantek Industries Inc. ("Cleantek") announced that it entered into an agreement with a syndicate of investment dealers led by Eight Capital, and including Echelon Wealth Partners, Cormark Securities Inc. and Raymond James Ltd., for a brokered private placement of subscription receipts.

The subscription receipts will be offered on a best-efforts agency basis at a price of C$1.75 per receipt for aggregate gross proceeds of a minimum of C$10 million. Each subscription receipt will be exchangeable into one unit of Cleantek (each, a “Unit”) exchangeable without any further action required on the part of the holder and without payment of any additional consideration, concurrently with the closing of Cleantek’s jointly announced business combination with Raise Production Inc. (the “Transaction”) and will participate with all other holder of Cleantek Shares in the Transaction.

Expected to close on or about August 31, 2021, gross proceeds from the financing will be held in escrow pending the completion of the Transaction, which is expected on or around September 30, 2021.

Further information can be found on Globe Newswire’s website.

Cleantek is a clean energy technology company focused on hydro-sustainability with operations across North America. It has developed and commercialized its patented wastewater dehydration technology, the ZeroE, which it rents to its customers for use at gas processing facilities and on drilling rigs. Cleantek's ZeroE technology separates wastewater into (i) clean water which is evaporated and returned to the natural hydrological cycle and (ii) concentrated brine which is disposed of using traditional means. The ZeroE technology is powered by the waste heat generated from the engine exhaust of gas plants and drilling rigs.

Cleantek also has a suite of patented SolarHybrid and HALO lighting technology systems that service the energy, industrial, construction, and agricultural markets.