MONTREAL, Oct. 1, 2013 /CNW Telbec/ - The Caisse de dépôt et placement du Québec ("Caisse") announced that, under the terms of a subscription agreement, it has subscribed for 1,818,182 units of Innovente inc. (TSXV: IGE) ("Innovente" or the "Corporation").
Innovente is a Québec company that has developed green and sustainable technology to transform organic waste into electricity and heat. In addition to having announced recently its plans to build plants in Trois-Rivières and Matane, the company also has a plant located in Sainte-Patrice-de-Beaurivage.
Each unit, at a price of CA $0.55, consists of one common share in the share capital of the Corporation ("Common share") and one common share purchase warrant ("Warrant") of the Corporation.
Each Warrant gives the right to acquire one additional Common share of Innovente at an exercise price of $0.70 per common share at any time until September 30, 2016.
The subscription was made through a private placement under the accredited investor exemption provided by applicable securities regulation.
Prior to this transaction, the Caisse held 4,050,000 common shares of Innovente.
Taking into account the potential exercise of Warrants for Common shares, the Caisse could hold a total of 7,686,364 common shares of Innovente, representing 16.68% of all such common shares issued and outstanding on a partially diluted basis.
The Caisse may increase or decrease its interest in Innovente based on market conditions or other relevant factors.
This news release is issued in accordance with the early warning requirements stipulated by securities regulation, which require that investors, including the Caisse, issue and file a news release and a report, when they acquire beneficial ownership of securities with voting rights that would represent, with the securities they already hold, 10% or more of the outstanding shares of the class.
In accordance with the Early Warning System, a copy of this news release and the report will be filed with the applicable Canadian Securities Administrators and will be available on SEDAR's website (www.sedar.com) and from the person referred to below.
SOURCE: Caisse de dépôt et placement du Québec
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