Northstar Announces Draw of $2.7 Million from BDC Project Loan Facility and Timing of Q3 2024 Investor Webinar

Rhea-AI Summary

Northstar Clean Technologies (TSXV: ROOF) has completed its second draw of $2.7 million from its $8.75 million non-revolving senior secured project loan facility with the Business Development Bank of Canada (BDC). This follows the first draw of $1.6 million made on September 12, 2024. The loan facility is designated for the Company's asphalt shingle reprocessing facility in Calgary, Alberta. The Company plans to continue drawing from the BDC facility as the Empower Calgary Facility construction progresses. Additionally, Northstar will host a virtual investor webinar to discuss Q3 2024 results on December 2, 2024.

Positive

• Secured $2.7 million in additional funding from BDC loan facility
• Successfully accessed total of $4.3 million from $8.75 million facility to date
• Construction of Empower Calgary Facility progressing as planned

Negative

• Continued reliance on debt financing for facility development

VANCOUVER, BC and CALGARY, AB, Nov. 25, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has completed its second draw of approximately $2.7 million under its $8.75 million non-revolving senior secured project loan facility (the "BDC Facility") with the Business Development Bank of Canada ("BDC"), previously announced by the Company on July 7, 2023, for the Company's asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility"). The Company completed its first draw of $1.6 million. on the BDC Facility on September 12, 2024. The Company expects to continue drawing down on the BDC Facility as the Empower Calgary Facility progresses through to completion.

Investor Webinar

The Company will host a virtual investor webcast to discuss its third quarter 2024 results and to provide a business update to the investment community on Monday, December 2, 2024 at 14:00 PDT / 17:00 EDT. Details are provided below.

Topic: Northstar Clean Technologies Third Quarter Financial Results Webcast
Date: Monday, December 2, 2024
Time: 14:00 PDT / 17:00 EDT
Registration: https://us06web.zoom.us/webinar/register/9317315268247/WN_htnUetiTQGeulGFcjrV9mg 

Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.

About Northstar

Northstar Clean Technologies Inc. is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.

For further information about Northstar, please visit www.northstarcleantech.com.

On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director

Cautionary Statement on Forward-Looking Information

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this press release.

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which forward‐looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements concerning: (i) operation of the Empower Calgary Facility and continuing to draw down on the BDC Facility as the project progresses; (ii) the Company's plans for reprocessing asphalt shingle waste; and (iii) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company as well as those risks and uncertainties which are more fully described under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2022 and in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR+. Further, the ongoing labour shortages, high energy costs, inflationary pressures, rising interest rates, the global financial climate and the conflicts in Ukraine and Palestine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.

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SOURCE Northstar Clean Technologies Inc.

FAQ

How much did Northstar Clean Technologies (ROOOF) draw from their BDC loan facility in November 2024?

Northstar Clean Technologies drew approximately $2.7 million as their second draw from the $8.75 million BDC loan facility in November 2024.

What is the total amount Northstar (ROOOF) has drawn from the BDC facility as of November 2024?

As of November 2024, Northstar has drawn a total of $4.3 million from the BDC facility, consisting of a first draw of $1.6 million and a second draw of $2.7 million.

When is Northstar Clean Technologies (ROOOF) hosting their Q3 2024 investor webinar?

Northstar Clean Technologies is hosting their Q3 2024 investor webinar on Monday, December 2, 2024, at 14:00 PDT / 17:00 EDT.