Clear Blue Technologies Closes $2.67 Million Equity Capital Raise
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TORONTO, March 25, 2019 (GLOBE NEWSWIRE) — Today, Clear Blue Technologies International Inc. (“Clear Blue” or the “Company”) (TSXV:CBLU) announced that it has completed the final tranche of a non-brokered private placement of units (each, a “Unit”) at a price of $0.25 per Unit, for gross proceeds of $1,661,875 (all amounts are in Canadian dollars).
With the addition of its initial tranche equity capital raise, announced on February 25, 2019, the total proceeds under the offering are $2,669,875 (the “Offering”).
“We are pleased to be oversubscribed for our equity capital raise, which supports Clear Blue’s ambitious expansion plans in 2019,” says Miriam Tuerk, CEO and Co-Founder, Clear Blue. “We are excited to be strengthening our sales across verticals and geographic areas, as well as partnering with innovative, leading companies, to meet our revenue goals for this year. We look forward to 2019 being a pivotal year for our growth as the adoption of wireless power increases globally.”
Under the terms of the Offering, each Unit will be comprised of one common share of the Company and one common share purchase warrant of the Company. Each warrant will be exercisable at a price of $0.50 per share for a period of 36 months following the closing, and will be subject to accelerated expiration if the 10-day volume weighted average trading price of the Company’s common shares is, at any time, greater than $0.80 per share.
The Company has agreed to compensate finders who introduce purchasers in the Offering. In connection with the completion of the Offering, various finders received: (a) cash commission equal to 7% of the gross proceeds from the sale of Units to subscribers introduced by the finder under the Offering; and (b) that number of compensation options equal to 7% of the number of Units sold to subscribers introduced by the finder under the Offering, with each compensation option being exercisable to acquire one common share of the Company at an exercise price of $0.50 per common share for a period of 36 months from the date of issuance, subject to accelerated expiration if the 10-day volume weighted average trading price of the Company’s common shares is, at any time, greater than $0.80 per share.
The securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities legislation. The Offering is subject to final approval from the TSX Venture Exchange.
In accordance with a previously executed agreement with Hybrid Financial Ltd. (the “Creditor”), the Company reports that its board of directors has approved the settlement of up to $67,800 of debt through the issuance of common shares of the Company (the “Debt Settlement”). Pursuant to the Debt Settlement, the Company would issue up to 271,200 common shares of the Company at a deemed price of $0.25 per share to the Creditor. The issuance of the common shares to the Creditor is subject to, and conditional on, the approval of the TSXV. The common shares will be subject to a four-month hold period, which will expire on the date that is four months and one day from the date of issue.
About Clear Blue Technologies International
Clear Blue Technologies International Inc., the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 35 countries, including the U.S. and Canada. Clear Blue is listed on the TSXV under the ticker symbol CBLU.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning the Offering (including the completion of the Offering) and the use of the proceeds raised under the Offering.
By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.
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