Northstar closes C$2.14M convertible debenture tranche with Allmine
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E-mailNorthstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) has closed an initial C$2,138,400 private placement under Tranche 2 of Phase 2 of a previously announced US$10.0 million strategic investment by Allmine Paving, LLC, a subsidiary of TAMKO Building Products LLC.
Allmine subscribed for C$2,138,400 in principal amount of three-year unsecured convertible debentures carrying an interest rate of 10% per annum, payable semi-annually in cash or payment-in-kind. The debentures are convertible into units of the company at C$0.29 per unit, with each unit comprising one common share and one-half of a non-transferable common share purchase warrant. Each whole warrant is exercisable at C$0.50 per common share until the maturity date of the applicable debenture.
A remaining C$237,600 in principal under Tranche 2 is expected to be subscribed by Allmine on the same terms, contingent on the release of a corresponding Emissions Reduction Alberta project holdback and subject to TSX Venture Exchange requirements.
Securities issued under the private placement are subject to a statutory four-month hold period, with trading restricted until February 17, 2027, unless permitted under applicable securities legislation. No finder's fees are payable in connection with the transaction.
The company said net proceeds are expected to be used for operational advancement, development plans, working capital, and general corporate purposes.
Because certain company insiders participated in the private placement, the transaction is classified as a related party transaction under Multilateral Instrument 61-101. Northstar intends to rely on available exemptions from formal valuation and minority approval requirements under that instrument.
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