Aduro Announces Receipt of Proceeds of Approximately $1.1 Million from Exercise of Warrants and Stock Options

Rhea-AI Summary

Aduro Clean Technologies Inc. (CSE: ACT, OTCQB: ACTHF) announced it has received $1,109,103 from the exercise of warrants and stock options since September 1, 2022. This includes 1,638,390 warrants at $0.50, 118,635 at $0.80, and 300,000 stock options at $0.65, resulting in the issuance of 2,057,025 common shares. The CEO highlighted that these proceeds will support laboratory expansion and ongoing projects, including commissioning continuous flow pilot units.

Positive

• Raised $1,109,103 through warrant and stock option exercises.
• Funds to be used for laboratory expansion and ongoing projects.
• Strong support from warrant and option holders.

Negative

• None.

SARNIA, Ontario, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQB: ACTHF) (FSE: 9D50), a Canadian developer of patented water-based technologies to chemically recycle plastics, and to transform heavy crude and renewable oils into feedstocks and higher-value fuels, announces that since September 1, 2022, it has received total proceeds of $1,109,103 from the exercise of 1,638,390 warrants at an exercise price of $0.50, 118,635 warrants at an exercise price of $0.80, and 300,000 stock options at an exercise price of $0.65. Accordingly, the Company issued 2,057,025 common shares upon exercise of the warrants and stock options.

The $0.50 warrants were issued pursuant to a private placement that closed on February 4, 2021 and had an expiry date of February 4, 2025. The $0.80 warrants were issued pursuant to a private placement that closed on May 14, 2021 and had an expiry date of May 14, 2023.

Ofer Vicus, Chief Executive Officer of the Company commented: "We deeply appreciate this show of support from our warrant and option holders. The additional proceeds will be used to accelerate laboratory expansion activities and ongoing projects including the commissioning of the continuous flow pilot units."

For further information, please contact:

Ofer Vicus, CEO
ovicus@adurocleantech.com

Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 604-362-7011

Investor Cubed Inc.
Neil Simon, CEO
nsimon@investor3.ca
+ 1 647 258 3310

Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Forward-looking statements in this release include management’s proposed use of proceeds received on exercise of the warrants and stock options. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company’s expectations include a change in management’s plan for the proposed use of proceeds, adverse market conditions and other factors beyond the control of the parties. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82a6ce4f-0994-4673-845c-55f992ac6c60

FAQ

What are the proceeds received by Aduro Clean Technologies from warrant and option exercises?

Aduro Clean Technologies received $1,109,103 from the exercise of warrants and stock options since September 1, 2022.

How many common shares were issued by Aduro Clean Technologies?

Aduro issued 2,057,025 common shares upon the exercise of warrants and stock options.

What will Aduro Clean Technologies use the proceeds for?

The proceeds will be used to accelerate laboratory expansion activities and ongoing projects, including commissioning continuous flow pilot units.

What are the exercise prices of the warrants and stock options of Aduro Clean Technologies?

The exercise prices were $0.50 for 1,638,390 warrants, $0.80 for 118,635 warrants, and $0.65 for 300,000 stock options.

When were the warrants and stock options issued for Aduro Clean Technologies?

The $0.50 warrants were issued on February 4, 2021, and the $0.80 warrants were issued on May 14, 2021.