Acceleware Ltd. Secures Funding to Enhance RF Technologies
Acceleware Ltd. Closes Second Tranche of Private Placement
Calgary, Alberta - Acceleware® Ltd. (TSX-V: AXE), an innovative company specializing in advanced radio frequency (RF) power-to-heat technologies for critical mineral processing, announces the successful closing of the second tranche of its non-brokered private placement. Following previous announcements, the company distributed a total of 2,090,000 Units, priced at $0.10 each, generating total gross proceeds of $209,000. This brings the total proceeds from both tranches of the Private Placement to approximately $1,000,334.20, yielding a total issuance of 10,003,342 Units.
Understanding the Structure of the Private Placement
Each Unit from this placement includes one common share of Acceleware and a common share purchase warrant. The warrant allows the holder to acquire an additional common share at an exercise price of $0.20, which will remain in effect for a period of 24 months from issuance. Notably, if the common shares of the company achieve a closing price at or above $0.30 for thirty consecutive trading days, the company may expedite the expiry of these warrants.
Strategic Use of Funds
The funds raised through this Private Placement will be directed towards key operational initiatives. Acceleware plans to utilize a portion of the proceeds to enhance its RF XL 2.0 redeployment plan and boost the commercialization of its innovative RF heating applications. These applications are particularly geared towards critical mineral processing, amine regeneration for carbon capture, and general corporate needs.
Insider Participation and Related Transactions
Insider participation was significant in this tranche, with insiders purchasing a total of 720,000 Units. Across both tranches, insiders acquired an aggregate of 2,020,000 Units, which is classified as a related party transaction under Multilateral Instrument 61-101, providing certain exemptions from formal valuation and minority approval. It has been confirmed that this transaction does not introduce new insiders or control persons.
About Acceleware
Acceleware continues to set the bar high as a leader in electromagnetic heating solutions, focusing on large industrial processes. This pioneering company is striving to electrify and decarbonize industrial process heat applications, which not only enhances sustainability but also lowers operational costs. Acceleware is poised to revolutionize the amine regeneration process using its patented Clean Tech Inverter technology and collaborates closely with esteemed partners to achieve decarbonization goals in potash ore processing and other minerals.
Moreover, Acceleware’s RF XL technology stands out as an economical and low-carbon method for enhanced oil recovery, presenting a significant shift from conventional recovery methodologies.
Conclusion
With its Timeless commitment to innovation in RF technology and sustainability, Acceleware Ltd. continues to enhance its offerings. As it works diligently towards the successful application of its technologies in essential industries, the company remains dedicated to advancing its mission of transforming industrial processes for a more sustainable future.
Frequently Asked Questions
What is the purpose of the private placement by Acceleware?
The private placement aims to raise funds for the company's RF XL 2.0 redeployment plan, advancement of RF heating applications, and general corporate purposes.
What are the terms of the warrants issued in this placement?
Each warrant allows the holder to purchase a common share at an exercise price of $0.20 for a duration of 24 months, subject to accelerated expiry conditions.
Who participated in the private placement?
Insiders of Acceleware participated in the placement, acquiring a total of 720,000 Units in the second tranche, which brings the insider total to 2,020,000 Units across both tranches.
How does Acceleware’s technology contribute to industrial decarbonization?
Acceleware's technology focuses on electrifying traditional heating processes, significantly reducing carbon emissions and operational costs in industrial applications.
Where can I find more information about Acceleware?
For further inquiries, you can reach out to Geoff Clark at +1 (403) 249-9099 or via email at geoff.clark@acceleware.com.
About The Author
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