Clear Blue Technologies Provides Update to Convertible Debenture Financing and Engages Firm to Drive Social Media Engagement
TORONTO, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (“Clear Blue”) (TSXV: CBLU), the Smart Off-Grid™ Company, today announces an adjustment to the previously announced issuance of convertible unsecured subordinated debentures in 2021. The Company completed a private placement offering of convertible unsecured subordinated debentures (the “Debentures”) for gross proceeds of C$2,799,000. With the second tranche completed, and cumulative gross proceeds of C$4,334,000 (the “Offering”), the Company still exceeded the cumulative funding target of C$4 million, previously announced on October 29, 2021.
As a result of this change, corrections in the previously announced finders’ fees and broker warrants, for introducing certain subscribers to the Offering, are as follows. The Company paid finders’ fees in cash, totaling $131,180, and in broker warrants, totaling 319,200 warrants, with each broker warrant entitling the holder to acquire one Common Share for a period of 48 months at a price per share of $0.40.
The Company also wishes to announces that it has signed a contract with Triomphe Holdings Ltd., the parent company of Capital Analytica, for ongoing social media consultation. The services provided by Capital Analytica will include press initiatives and social media consulting, as well as engagements with arm's length parties for an aggregate gross expenditure of CDN $120,000 over a 6-month period, with the potential for a follow-on service contract. No stock-based compensation has been provided.
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)
For more information, contact:
Nikhil Thadani, Sophic Capital+1 437 836 9669Nik@SophicCapital.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
“The participation in the Offering of Paul Desjardins, Jason Woerner, Steven Parry, Jane Kearns, and Mark Windrim, each of whom is an officer and/or director of Clear Blue (the “Related Parties”), constituted a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Notwithstanding the foregoing, the issuance of securities to the Related Parties was exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.”