CVW CleanTech Announces Closing of Private Placement Totalling $16.75 million

September 6, 2024

CALGARY, AB – CVW CleanTech (TSXV: CVW) (OTCQX: CVWFF) (“CVW CleanTech” or the “Company”) is pleased to confirm the closing of its previously announced private placement (the “Offering”). Pursuant to the Offering, which consisted of a brokered and non-brokered portion, the Company issued a total of 18,610,623 common shares (each, a “Common Share”) at an issue price of $0.90 per Common Share for total gross proceeds of $16,749,560.

The brokered portion of the Offering was led by Canaccord Genuity Corp. and Eight Capital as co-lead agents and joint bookrunners, on behalf of a syndicate of agents (the “Agents”), which also included Ventum Financial Corporation. The Company paid to the Agents a cash commission of 6.0% of the gross proceeds of the Offering, other than in respect of certain purchasers. The Company also paid cash finder’s fees of approximately $93,000 to certain arm’s length finders.

Akshay Dubey, CEO of the Company, stated “we are very pleased with our successful offering and I would like to extend my gratitude to our investors for their trust and support. We see the significant participation and closing of the offering as a vote of confidence for our royalty strategy, and we are confident that this strategy will deliver strong returns and cash flow generation.”

The Company will use the net proceeds of the Offering to fund the remaining balance of its royalty investment with Northstar Clean Technologies Inc. (the “Transaction”) and for general corporate purposes, as further described in the Company’s press release dated August 7, 2024.

Certain insiders of the Company (collectively, the “Insiders”) subscribed to the Offering for an aggregate of 2,788,600 Common Shares. The issuance of Common Shares to the Insiders constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by Insiders does not exceed 25% of the fair market value of the Company’s market capitalization.

The Common Shares issued under the Offering are subject to a statutory hold period of four months and one day from the date of issuance.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About CVW CleanTech
CVW CleanTech‘s vision is to invest in innovative technologies which provide returns linked to commodities and which operate in a sustainable manner that helps accelerate the world’s transition to net zero. CVW CleanTech is in the process of building a portfolio of royalty-based cash flow streams by partnering with clean technology innovators in the commodity space. CVW CleanTech is the 100% owner of its proprietary technology, Creating Value from Waste™ (“CVW™”), which is designed to recover bitumen, solvents, critical minerals, and water from oil sands froth treatment tailings, which would reduce tailings pond fugitive methane emissions, volatile organic compounds, and enhance tailings management.

Investor and Media Inquiries
Joshua Grant
joshua.grant@cvwcleantech.com
403-460-8135

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