Sustainable Projects Group Announces Closing of Private Placement of $2.9 Million
NAPLES, Fla., Oct. 9, 2023 /PRNewswire/ -- Sustainable Projects Group Inc. (OTC US: SPGX) ("Sustainable Projects Group" or the "Company"), a green technology mining company focused on sustainable lithium projects in the United States, today announced the closing of a $2.9 million private placement of Sustainable Projects Group common stock.
The private placement consisted of a total of 8,847,000 restricted shares of the Company's common stock. 1,500,000 shares were issued to investors at $0.25 per share on August 18, 2023, 4,006,000 shares were issued to investors at $0.35 per share on August 18, 2023 and 3,341,000 shares were issued to investors at $0.35 per share on or about October 9, 2023, resulting in aggregate gross proceeds of approximately $2.9 million to the Company.
The purpose of the private placement was to provide the Company with additional liquidity to further strengthen its financial position and the gross proceeds are expected to be used for general corporate purposes.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Sustainable Projects Group Inc.
Sustainable Projects Group Inc. is a pure-play lithium company focused on supplying high performance lithium compounds to the fast-growing electric vehicle and broader battery markets. The Company´s subsidiary, Lithium Harvest, has developed a proprietary technology to extract lithium from oilfield wastewater, which enables it to manufacture lithium compounds quickly, at an attractive cost, and with a significantly reduced environmental footprint.
Cautionary Language Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "plans," "estimates," "believes," "expects," "intends," "will," "would," "should," "may" and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Sustainable Projects Group's current views about future events. Forward-looking statements may include, but are not limited to, statements relating to or affected by: the Company's ability to execute its business strategies; legislation or regulatory requirements; conditions of the securities markets; the Company's ability to raise capital; changes in accounting principles, policies or guidelines; the Company's limited operating history in the lithium industry; availability of raw materials; increases in the cost of raw materials and energy; the pace of adoption and cost of developing electric transportation and storage technologies dependent upon lithium batteries; estimates of and volatility in lithium prices or demand for lithium; hazards associated with chemicals manufacturing; financial or political instability; acts of war or the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; and other economic, competitive, governmental, regulatory or technical factors affecting the Company and its business. Although the Company believes expectations reflected in these and other forward-looking statements are reasonable, the Company can give no assurance such expectations will prove to be correct. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements involve certain risks and uncertainties that could cause results to differ materially from those expected by the Company's management. More information on these risks and other potential factors that could affect the Company's business, reputation, results of operations, financial condition, and stock price is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
Company Contact:
Sune Mathiesen
Chairman & CEO
+45 5197 0908
sma@lithiumharvest.com
View original content:https://www.prnewswire.com/news-releases/sustainable-projects-group-announces-closing-of-private-placement-of-2-9-million-301950821.html
SOURCE Sustainable Projects Group Inc.
