Aduro Clean Technologies Announces Grant of Stock Options

Rhea-AI Summary

Aduro Clean Technologies Inc. (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian company specializing in chemical recycling and transformation of low-value feedstocks, has granted 2,685,000 stock options to certain directors, officers, employees, and a consultant. These options are exercisable for 5 years at $2.00 per share, vesting monthly over two years. The options and underlying shares are subject to a four-month hold period. Aduro's Hydrochemolytic™ technology uses water-based processes to recycle waste plastics, convert heavy crude into lighter oil, and transform renewable oils into higher-value fuels or chemicals, operating at relatively low temperatures and costs.

Positive

• Grant of stock options may incentivize key personnel, potentially aligning their interests with company goals
• Company's Hydrochemolytic™ technology offers innovative solutions for waste recycling and oil transformation

Negative

• Potential dilution of existing shareholders' ownership due to the issuance of 2,685,000 new stock options

LONDON, Ontario, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian technology company using the power of chemistry to transform lower-value feedstocks, such as waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, announces today that it has granted (the “Grant”) an aggregate of 2,685,000 stock options (each, an “Option”) to purchase up to 2,685,000 common shares of the Company to certain directors, officers, employees and a consultant of the Company.

The Options are exercisable for a period of 5 years from the date of Grant at a price of $2.00 per common share. The Options will vest on a monthly basis over a period of two years from the date of Grant.

All 2,685,000 of the Options and the common shares underlying such Options are subject to a hold period of four months and one day from the date of issuance.

None of the securities acquired in the Grant or Award will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

About Aduro Clean Technologies

Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21^st century.

For further information, please contact:

Ofer Vicus, CEO
ovicus@adurocleantech.com

Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889

KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com

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 the vesting schedule, expiry date and applicable hold periods for the Options issued in the Grant. 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 potential changes or amendments to the vesting schedule, expiry date and/or applicable hold periods for the Options and/or underlying securities. 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.

The Canadian Securities Exchange has not reviewed, approved, or disapproved the content of this news release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8472e20f-1c48-420e-ba71-50c35c8c5aff

FAQ

How many stock options did Aduro Clean Technologies (ACTHF) grant on August 7, 2024?

Aduro Clean Technologies granted an aggregate of 2,685,000 stock options on August 7, 2024.

What is the exercise price and expiration period for the stock options granted by Aduro Clean Technologies (ACTHF)?

The stock options are exercisable for a period of 5 years from the date of grant at a price of $2.00 per common share.

What is the vesting schedule for the stock options granted by Aduro Clean Technologies (ACTHF)?

The stock options will vest on a monthly basis over a period of two years from the date of grant.

What is Aduro Clean Technologies' (ACTHF) main technology focus?

Aduro Clean Technologies focuses on Hydrochemolytic™ technology, which uses water-based processes to recycle waste plastics, convert heavy crude into lighter oil, and transform renewable oils into higher-value fuels or chemicals.