ancouver, B.C., July 24, 2023 (GLOBE NEWSWIRE) — Emergent Waste Solutions Inc. (“EWS” or “the Company”), is pleased to announce that it signed a non-binding Letter of Intent (“LOI”) to have 100% of its issued and outstanding shares acquired by a company listed (“CSE Issuer”) on the Canadian Securities Exchange (“CSE”).
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The terms of the LOI to acquire 100% of EWS are as follows:
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The issuer and EWS intend to enter into a Definitive Agreement prior to September 30, 2023, which is the expiry of the exclusivity period between the parties. Entering into the Definitive Agreement based on the LOI is subject to due diligence by both parties.
The parties will have received all necessary regulatory and third-party consents, approvals, and authorizations as may be required in respect of the Transactio, including, but without limitation, acceptance of the CSE;
EWS will complete an interim financing of 1,000,000 units at a price of $0.35 per unit for gross proceeds of $350,000 (“Interim Financing”). Each unit will consist of one common share in EWS and one-half share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of EWS at a price of $0.50 per share for a period of two years;
Within five days of completion of the Interim Financing, EWS will advance a refundable deposit of $100,000 to the CSE Issuer. Once the Issuer and EWS enter into a definitive agreement, the advance will become non-refundable;
Prior to closing of the transaction, EWS will complete a private placement offering of subscription receipts to raise gross proceeds of a minimum of $2,000,000 at a price of $0.50 per unit (“Concurrent Offering”). Each unit will consist of one common shares in EWS and one-half share purchase warrant. Each whole warrant will entitle the hoder to purchase one additional common share of EWS at a price of $1.00 per share for a period of two years.
The CSE Issuer will consolidate its issued and outstanding common shares at a ratio of 3.5 old shares to 1 new share.
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States Kevin Hull, CEO of EWS:” We are tremendously excited to enter into this mutually beneficial agreement with this CSE issuer. We believe this transaction opens a pathway for EWS to raise the capital that will take us to the next level and provide strategic connections both domestically and internationally that will result in more projects. We share with the management team of this issuer a corporate value system that stresses environment, community, and profit together. It is the intent of the Company and the CSE Issuer to enter into a definitive agreement as quickly as possible.”
About Emergent Waste Solutions Inc.
EWS is a BC company with worldwide rights to deploy the world leading Advanced Thermolysi System (“ATS”) technology. ATS is an innovative, secure, efficient, and proven method for the converting of waste materials such as MSW, tires, plastics, biomass, and livestock waste into marketable products, such as activated carbon, carbon black, biochar, bio-coal, syngas, and bio-oil. It currently has over $200 MM of potential projects in the pipeline.
ON BEHALF OF THE BOARD
