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CVW CleanTech Announces Maiden Royalty Investment into Northstar Clean Technologies and $15 million Brokered Private Placement
CVW CleanTech Announces Maiden Royalty Investment into Northstar Clean Technologies and $15 milli...
About this update from Cvw Sustainable Royalties Inc.
[{"type":"text","content":"\n\n\n\n CVW CleanTech Announces Maiden Royalty Investment into Northstar Clean Technologies and $15 million Brokered Private Placement\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Aug. 7, 2024\n \n\n /CNW/ - CVW CleanTech (TSXV: CVW) (OTCQX: CVWFF) (\"\n \n CVW CleanTech\n \n \" or the \"\n \n Company\n \n \") announced today that effective today it is entering into a royalty investment with Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) (\"\n \n Northstar\n \n \") pursuant to which the Company has agreed to purchase a five-year\n \n $14 million\n \n second secured 10% convertible debenture of Northstar (the \"\n \n Convertible Debenture\n \n \"), which will be convertible into a revenue royalty on Northstar's next two asphalt shingle reprocessing facilities (the \"\n \n Transaction\n \n \"). Upon conversion of the Convertible Debenture, and pursuant to the terms of the royalty agreement, CVW CleanTech is entitled to receive recurring royalty payments based on revenues at Northstar's next two facilities, which will be no less than 12% of such revenues. In connection with the Transaction, CVW CleanTech has made an initial payment to Northstar in the amount of\n \n $1.5 million\n \n . The Transaction is expected to close on or around\n \n September 30, 2024\n \n .\n \n\n CVW CleanTech also announces that it has entered into an agreement with Canaccord Genuity Corp. and Eight Capital to act as co-lead agents and joint bookrunners, on behalf of a syndicate of agents (the \"\n \n Agents\n \n \"), which also includes Ventum Financial Corporation, in connection with a \"commercially reasonable efforts\" private placement offering (the \"\n \n Offering\n \n \"), consisting of up to 16,666,667 common shares (each, a \"\n \n Common Share\n \n \") at an issue price of\n \n $0.90\n \n per Common Share (the \"\n \n Offering Price...