Northstar Reports Second Quarter 2023 Financial Results
- Announced the execution of a definitive credit agreement for $8.75 million in senior secured project debt from BDC for construction of the Empower Calgary Facility
- Announced a US$10.0 million strategic investment over two phases from TAMKO Building Products
- None.
Recent Highlights
- Announced the execution of a definitive credit agreement for
in senior secured project debt from BDC for construction of the Empower Calgary Facility$8.75 million - Announced a
US strategic investment over two phases from TAMKO Building Products$10.0 million - Announced the execution of a contribution agreement with ERA for the government grant award of up to
for the Empower Calgary Facility$7.1 million - The combination of funding from ERA, BDC and TAMKO fully funds the development and construction of the Empower Calgary Facility
Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "Our recent progress was punctuated by the execution of a term sheet for
"In July, we secured a
"In summary, we have delivered four major milestones for the Empower Calgary Facility in 2023: (i) a major multi-national off-take partner to purchase
Q2 2023 Highlights
- April 2023 – Announced a non-brokered private placement of up to
.$2.0 million - April 2023 – Announced the upsizing of the non-brokered private placement.
- April 2023 – Closed an upsized non-brokered private placement of
.$2.73 million - April 2023 – Announced updated preliminary project economics and an internal capital estimate for the Empower Calgary Facility.
- May 2023 – Provided an update on site development work at the Empower Calgary Facility.
- May 2023 – Announced completion of milestones required to commence detailed engineering of the Empower Calgary Facility.
- June 2023 – Announced the execution of a non-binding term sheet for
in senior secured project debt with Business Development Bank of$8.75 million Canada ("BDC").
Subsequent to Q2 2023
- July 2023 – Executed a binding credit agreement for
in debt with BDC.$8.75 million - July 2023 – Announced a
US strategic investment from Allmine Paving, a subsidiary of TAMKO Building Products LLC ("TAMKO"), which included the closing of a$10 million Phase 1 non-brokered private placement of preferred shares at$8.5 million per preferred share. Northstar and TAMKO also entered into a memorandum of understanding for Northstar's expansion plan into$0.29 the United States . Phase 2 is expected to be completed upon the attainment of certain milestones - July 2023 – Entered into a contribution agreement with Emissions Reduction Alberta ("ERA") for a government grant award of up to
.$7.1 million - August 2023 – Announced the 2023 Annual General and Special Meeting ("AGSM") results and subsequently appointed the TAMKO nominee, Mr. Jeffrey Beyer, to the Northstar Board of Directors.
The Company would also like to remind investors that a recording of the investor update held on August 1, 2023 is available on demand here.
About Northstar
Northstar Clean Technologies Inc. is a Canadian-based 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
For further information about Northstar, please visit www.northstarcleantech.com.
On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director
Neither the 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.
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SOURCE Northstar Clean Technologies Inc.