Aduro Clean Technologies Completes $8 Million Public Offering
Aduro Clean Technologies Completes $8 Million Public Offering
Aduro Clean Technologies Inc., a pioneering clean technology company, has officially announced the pricing of its underwritten public offering. This offering consists of approximately 947,868 common shares along with accompanying warrants that allow the purchase of about 473,934 additional shares. The offering price per common share is set at US$8.44, ultimately yielding roughly US$8 million in gross proceeds.
Details of the Offering
The public offering of common shares is accompanied by half warrants, making it an attractive investment opportunity. Each complete warrant will be exercisable for one common share of Aduro and is priced at US$10.13. Investors can expect these warrants to become exercisable immediately and they will expire three years after issuance.
Use of Proceeds
With the proceeds from this offering, Aduro is committed to advancing its research and development efforts. The funds will primarily support the ongoing development of the Company’s Demonstration-Scale plant, which is pivotal for its innovative projects. Additionally, any remaining funds will be allocated for general corporate purposes and working capital.
Underwriter Details
D. Boral Capital LLC is acting as the sole book-running manager for the offering, indicating a strong professional backing for this public offering. Aduro anticipates closing this offering soon, contingent on satisfying customary closing conditions.
Additional Offering Information
The offering allows for an over-allotment option, permitting underwriters to acquire up to an additional 142,180 common shares or warrants to purchase another 71,090 common shares within a 45-day window. This flexibility can bolster the offering if market demand remains high.
Regulatory Considerations
This public offering operates under an effective shelf registration statement known as Form F-10, which was filed with the U.S. Securities and Exchange Commission. A Canadian short form base shelf prospectus complements this registration, describing terms associated with the offering. Importantly, Aduro will only sell its securities in the United States, thereby excluding Canadian purchasers from this specific offering.
About Aduro Clean Technologies
Aduro Clean Technologies stands at the forefront of clean technology, focusing on innovative and patented water-based methodologies for recycling waste plastics. The Company’s Hydrochemolytic™ Technology signifies a substantial shift in the industry, utilizing water as a core element in its recycling process. This approach operates efficiently at lower temperatures, yielding valuable resources from lower-grade feeds like heavy crude and bitumen.
Contact Information
For additional inquiries regarding this press release or the Company’s activities, interested parties can reach out to:
Abe Dyck, Head of Business Development and Investor Relations,
Email: ir@adurocleantech.com
Phone: +1 226 784 8889
Alternative contact details include:
Jack Perkins, Senior Vice President, KCSA Strategic Communications,
Email: aduro@kcsa.com
Frequently Asked Questions
What was the total amount raised in the public offering?
The public offering raised approximately US$8 million before deductions for underwriting discounts and offering expenses.
What is the purpose of the funds raised?
The funds will primarily be used for ongoing research and development, as well as expenses related to Aduro's Demonstration-Scale plant.
Who is managing the offering?
D. Boral Capital LLC is the sole book-running manager for the public offering.
Are Canadian investors able to participate in this offering?
No, this public offering is only available to investors in the United States.
What technology does Aduro Clean Technologies utilize?
Aduro Clean Technologies uses patented water-based technologies to recycle waste plastics and convert heavy crude into more valuable oil.
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