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Green Impact Partners Announces Close of $10 Million Private Placement to Continue Advancing Future Energy Park
Calgary, Alberta--(Newsfile Corp. - June 26, 2023) - Green Impact Partners Inc. (TSXV: GIP) ("GIP...
About this update from Green Impact Partners Inc
[{"type":"text","content":"Green Impact Partners Announces Close of $10 Million Private Placement to Continue Advancing Future Energy ParkCalgary, Alberta--(Newsfile Corp. - June 26, 2023) - Green Impact Partners Inc. (TSXV: GIP) (\"GIP\" or the \"Company\") is pleased to announce that it has entered into a subscription agreement with certain funds and accounts managed by Encompass Capital Advisors LLC (\"Encompass\") for a non-brokered private placement of 1,000,000 common shares in the capital of the Company (the \"Offered Shares\") at a price of Cdn$10.00 per Offered Share, for proceeds of Cdn$10 million (the \"Private Placement\"). Encompass has been a shareholder of GIP since the Company's inception in May 2021. As a result of the closing of the Private Placement, funds and accounts managed by Encompass hold 3,009,600 common shares (\"Shares\") of the Company, representing approximately 14.13% of the issued and outstanding Shares on a diluted and non-diluted basis. Closing of the Private Placement occurred on June 26, 2023. No finder's fee is payable in connection with the Private Placement. The net proceeds of the Private Placement will be used to fund project expenditures for the Future Energy Park, and for general and administrative and working capital requirements until financial close with Amber Infrastructure occurs, anticipated in late 2023. \"This $10 million will be used to help create additional value for GIP shareholders by allowing us to start earthwork activities for the Future Energy Park in the coming weeks,\" said Jesse Douglas, Chief Executive Officer. \"Although we believe that $10 per share is still below the intrinsic value of GIP equity, it is minimally dilutive and substantially above our current trading price, validating the equity upside available to shareholders. We are excited and proud to have shareholders like Encompass supporting us in our decarbonization path and helping us create value for all stakeholders.\"\"We are impressed by Green Impact's vision to develop the largest renewable natural gas facility in North America,\" said Todd Kantor, Founder and Managing Member of Encompass. \"We believe the strategy to convert waste wheat, as well as incorporate carbon capture into the process, could position GIP to be a thought leader in bioenergy.\" Completion of the Private Placement is subject to all regulatory approvals, i...