Trading symbol: CST
Outstanding shares: 50,261,136
Funding to Accelerate Efforts Towards Commercial Deployment of
Proprietary Carbon Capture Technology
QUEBEC CITY, June 5 /CNW Telbec/ - CO2 Solution Inc. ("CO2 Solution")
announces that it has successfully completed a $2,321,400 private placement
according to the terms disclosed in a press release issued on April 17th,
2008. Mssrs. Martin P. Pelletier, Normand Voyer, Jocelyn Proteau and Glenn R.
Kelly, all Directors and/or Insiders of CO2 Solution Inc. also participated in
the financing. The net proceeds of the financing will be used for general
operating and working capital purposes, including business development
activities towards the commercialization of the Company's technology.
Commenting on the financing, Normand Voyer, Interim President & CEO of
CO2 Solution said, "We are very pleased to have completed this significant
financing, which we believe demonstrates the confidence of our investors in
the ability of our technology to address an urgent need for an efficient
solution for large scale carbon capture. We will immediately put this new
funding to work to accelerate key efforts towards its commercialization and
related business development activities. This financing will help propel CO2
Solution from R&D to commercial deployment".
Commenting on their investment, Robert Manherz, President of lead
investor Dundurn Capital Partners stated, "We are excited to make this
investment at what we believe is an inflection point in the Company's
development. We believe the global market for low-cost carbon capture is very
large, and that CO2 Solution is well positioned to capitalize on this
opportunity with a breakthrough, potentially disruptive technology. When you
consider that the climate change solutions segment is expected to outperform,
we believe that CO2 Solution is holding great potential to provide a
substantial solution to mitigating global warming".
All shares issued will be subject to a four-month resale restriction, and
the warrants will be exercisable until May 30th, 2010. This offering remains
subject to the approval of the regulators.
About CO2 Solution
CO2 Solution Inc. has developed a proprietary bio-technological platform
for the efficient capture of carbon dioxide (CO2), the most important
greenhouse gas (GHG. The Company's technology platform exploits the natural
power of a bio-catalyst (enzyme), carbonic anhydrase, which functions within
humans and other mammals to manage CO2 during respiration. CO2 Solution has
successfully adapted the enzyme to function within an industrial environment,
and thus has taken advantage of a biomimetic approach based on millions of
years of evolution. The Company is commercializing its technology for coal
fired power generation, the oil sands and other CO2-intensive industries where
a low- cost capture solution is key to meeting climate change legislation in a
cost effective manner.
News releases and additional information are available at
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein and accepts no responsibility for it.
For further information:
For further information: Normand Voyer, Interim President & CEO, (418)
842-3456; www.co2solution.com; Source: CO2 Solution Inc.