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CoTec Holdings Corp. Provides Corporate Update and Enters Exlusivity Agreement for Potential Green Steel Investment
VANCOUVER, BC / ACCESSWIRE / February 28, 2022 / CoTec Holdings Corp. (TSXV:CTH.H) ("CoTec" ...
About this update from Cotec Holdings Corp
[{"type":"text","content":"CoTec Holdings Corp. Provides Corporate Update and Enters Exlusivity Agreement for Potential Green Steel InvestmentVANCOUVER, BC / ACCESSWIRE / February 28, 2022 / CoTec Holdings Corp. (TSXV:CTH.H) (\"CoTec\" or the \"Company\") is pleased to announce the following updates with respect to its previously announced proposed change of business from mineral exploration to an investment issuer (the \"Proposed COB\") under the rules of the TSX Venture Exchange (\"TSXV\"):it has submitted its filing statement and related materials to the TSXV for review;it has entered into a binding subscription agreement with Basic Industries Venture Fund I, LP (\"BIVF\") in respect of its previously announced intention to invest between AUS$2 million and AUS$10 million in BIVF in connection with the Proposed COB along with a binding relationship deed with RFC Ambrian Group Limited (\"RFC Ambrian\") pursuant to which the Company will have certain co-investment rights with respect to investments by RFC Ambrian in projects that utilize technologies in which BIVF has invested;it has entered into an amendment to its previously announced subscription agreement with Binding Solutions Limited (\"BSL\") pursuant to which (i) the amount of the first tranche of its investment has been fixed at US$2M, (ii) the financing condition associated with its initial investment has been deleted and (iii) the amount of the second tranche of its investment has been changed to between US$1M - US$3M (at the Company's discretion) and the second tranche of the investment is now conditional upon the Company having raised gross equity financing proceeds of at least C$12M; andthe second closing of the Company's previously announced private placement of subscription receipts is now expected to occur on or about March 11, 2022.For further details regarding the Proposed COB and the private placement, please refer to the Company's press releases dated December 10, 2021, January 26, 2022 and February 10, 2022.The Company is also pleased to announce that it has entered into an exclusivity agreement (the \"Exclusivity Agreement\") with US based MagIron LLC (\"MagIron\"). Under the Exclusivity Agreement, CoTec has been given the exclusive right to negotiate a potential investment in MagIron for a specified period of time (the \"Proposed Transaction\").MagIron has secured the rights to pur...