Sarnia, ON, June 21, 2021 – Aduro Clean Technologies Inc. (CSE: ACT) (the “Company” or “Aduro Clean Technologies”), a developer of patented water-based chemical recycling technologies to transform waste plastics, heavy crude and renewable oils into new-era resources and higher-value fuels, announces that it has retained Volt Strategic Partners Ltd. (“Volt Strategic”) as its capital markets and communications advisor and Venture Liquidity Providers Inc. (‘VLP”) for market-making services.
“For nearly a decade we’ve been developing and patenting water-based molecular recycling technologies that are scalable, cleaner and more cost-efficient than current waste-to-energy practices,” said Ofer Vicus, CEO of Aduro Clean Technologies. “Our path to commercialization is strong and addresses mounting sustainability needs. As we prepare for third-party lab-scale validation of the first-ever public demonstration of our Hydrochemolytic™ chemical conversion platform, enlisting the assistance of industry specialists Volt Strategic and VLP should further signal our commitment to our current shareholders and our resolve to further expand our shareholder base. Outreach efforts will focus largely on retail investing communities, as well as select institutional and investment organizations.”
Volt Strategic is a market communications and business optimization firm working with senior business leaders and innovators to help grow organizational value, build business and accelerate market appreciation for emerging technology, sustainability and life sciences public companies.
VLP is a specialized consulting firm providing a variety of services focused on Exchange listed stocks. VLP’s exclusive market-making service is provided by W.D. Latimer Co. Limited. (“Latimer”), a registered investment dealer, in compliance with all applicable laws and the policies of the Canadian Securities Exchange (the “CSE”). VLP intends to buy and sell shares of Aduro Clean Technologies on the CSE for the purposes of maintaining an orderly trading market and improving the liquidity of the Company’s shares.
Under the terms of the agreement with Volt Strategic, Aduro Clean Technologies will pay Volt Strategic an aggregate amount of $65,000 over a term of three months for the services. The Company will also provide Volt Strategic with a refundable liquidity deposit (the “Liquidity Deposit”) on commencement of services which amount shall be returned to the Company at the end of the term. Following expiration of the term, the agreement may be extended for an additional three-month term and thereafter with the prior written consent of the parties. The agreement may be terminated at any time with mutual agreement from both parties.
For its services, the Company has agreed to pay VLP $5,000 per month for a period of three months, continuing on a month-to-month basis thereafter. The Company has granted VLP 50,000 stock options of the Company, exercisable for a period of two years at market price of $0.80 per share, which will vest only upon satisfactory completion of the initial three-month term. After the initial three-month term, the agreement may be terminated at any time on written notice by the Company or VLP.
The Company is at arm’s length with Volt Strategic and VLP. To the knowledge of the Company’s management, neither VLP nor Volt Strategic have any present interest, directly or indirectly, in the Company or its securities, other than the stock options which the Company has granted to VLP pursuant to the agreement disclosed herein.
None of the securities acquired upon exercise of the stock options will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
The stock options and common shares issuable upon exercise of the options granted to VLP are subject to resale restrictions imposed by applicable law or regulation, including a statutory hold period expiring four months and one day from the date of grant.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based chemical recycling technologies that transform waste plastics, heavy crude and renewable oils into new-era resources and higher-value fuels. The Company’s Hydrochemolytic™ Technology (HCT) activates unique properties of water in a chemistry platform that operates at relatively low temperatures and cost – a game changing approach that transforms waste into 21st century resources. With funding and support from Bioindustrial Innovation Canada, the Company is currently developing a pre-pilot reactor system to convert and upgrade heavy petroleum feedstock to lighter petroleum oil. Additional information on Aduro Clean Technologies is available on the Company’s website at www.adurocleantech.com.
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This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements in this news release include statements regarding: the details of engaging the services of Volt Strategic and VLP with the intention of building the Company’s profile in the investment community and expanding its shareholder base; and that the Company is continuing to develop a path to commercialization of its technology. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the services of Volt and VLP may not be provided as anticipated or have the desired impact of building the Company’s profile within the investment community or in expanding the Company’s shareholder base; despite promise, the Company may be unable to develop a path to commercialization of its technology for various reasons; factors related to the ongoing COVID-19 pandemic may impact the ongoing development of the Company’s technology, the provision of the services by VLP and Volt and/or may impact the ongoing business operations of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved or disapproved the content of this news release.
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