NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
MONTREAL, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (CSE:EAC) (“Earth Alive” or the “Corporation”), a Canadian soil health company that develops and manufactures state-of-the-art microbial technology-based products for sustainable agriculture and infrastructure maintenance, has filed a second amended and restated preliminary short form prospectus (the “Second Amended and Restated Prospectus”), which amends and restates the amended and restated preliminary short form prospectus filed by the Corporation on June 27, 2019, amending and restating the preliminary short form prospectus filed on June 17, 2019.
Under the Second Amended and Restated Prospectus, the Corporation has amended the terms of its prospectus financing by offering units (“Units”, each a “Unit”) at a price of $0.10 per Unit for a minimum amount of $4,000,000 and a maximum amount of $5,000,000 (the “Offering”). Each Unit consists of one common share of the Corporation (a “Unit Share”) and one common share purchase warrant of the Corporation (a “Warrant”). Each Warrant will entitle the holder to acquire, subject to adjustment, one common share of the Corporation (a “Warrant Share”) at a price of $0.25 per Warrant Share at any time before 5:00 p.m. (Montreal time) on the date that is 24 months following the closing date of the Offering.
The Offering is being conducted on a “best efforts” agency basis in the provinces of Alberta, British Columbia, Ontario and Quebec under the terms of an agency agreement to be entered into between the Corporation and Desjardins Capital Markets.
As previously disclosed, the net proceeds from the Offering will be mainly used for the advancement of sales, marketing and commercialization of Soil Activator and the dust control product EA1 (the Corporation’s marquis products), research and development, including expanding the scope of use of EA1, to develop new markets for this innovative technology in addition to increasing its use in the mining sector, repayment of outstanding debentures, and for general corporate purposes.
The Corporation has applied to list its Common Shares, including the Unit Shares and the Warrant Shares, on the TSX Venture Exchange (the “TSXV”). The Corporation also intends on applying to list the Warrants on the TSXV. Concurrently with their listing on the TSXV, the Corporation will delist the common shares currently posted and traded on the Canadian Securities Exchange (the “CSE”). A copy of the Second Amended and Restated Prospectus is available under the Corporation’s SEDAR profile at www.sedar.com or by request to Desjardins Capital Markets at email@example.com. The Offering is subject to certain customary conditions including, the receipt of all necessary approvals, including the approval of the TSXV or the CSE, as the case may be.
This press release does not constitute an offer to sell or a solicitation of an offer to buy Units in the United States. The Units, Unit Shares and Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold in the United States except in transactions exempt from the registration requirements of the 1933 Act and all applicable state securities laws.
About Earth Alive Clean Technologies
Earth Alive aims to be a key player in world markets of environmentally sustainable industrial solutions. The Company works with the latest innovations in microbial technology to formulate and patent innovative products that can tackle the most difficult industrial challenges, once only reserved to environmentally harmful chemicals and additives. The Company is focused on environmental sustainability in the agriculture industry and dust control for the mining industry. For additional company information, please visit: www.earthalivect.com.
Forward-Looking Information: Certain information in this press release contains forward-looking information and forward-looking statements, which reflect the current view of management with respect to the Company’s objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities. Wherever used, the words “may”, “will”, “anticipate”, “intend”, “estimate”, “expect”, “plan”, “believe” and similar expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be regarded as a guarantee of future events, performance or results, and will not necessarily be an accurate indication of whether, or the times at which, such events, performance or results will be achieved. All of the information in this press release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation in any jurisdiction in which such offer or solicitation of sale would be unlawful.