QUEBEC CITY, May 29, 2017 /CNW Telbec/ - CO2 Solutions Inc. (TSXV: CST) ("CO2 Solutions" or the "Corporation"), leader in the field of enzyme-enabled carbon capture technology, today announced that it intends to file an application with the TSX Venture Exchange ("TSX-V") to extend the expiry date of common share purchase warrants of the Corporation originally issued in the context of a private placement of units on July 3 and July 17, 2014 (the "Warrants").
Each Warrant entitles the holder to purchase one common share of the Corporation at a price of $0.25 per common share. A total of 20,232,333 Warrants remain outstanding as of the date hereof and are scheduled to expire on July 3, 2017. As a result of market conditions during the term of the Warrants and the capital raising opportunity represented by the Warrants, the Board of Directors of the Corporation has approved the extension of the original expiry date of the Warrants so that the term will be extended by twelve (12) months from July 3, 2017 to July 3, 2018. The other terms of the Warrants, including the exercise price, will remain unchanged. The extension of the expiry date of the Warrants is subject to the approval of the TSX-V.
2,933,333 Warrants are held by persons who are considered "related parties" of the Corporation. Therefore, the amendment of the Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions (Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions in Quebec) ("MI 61-101"). The amendment of the Warrants is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities held by the related parties nor the consideration being paid by related parties will exceed 25% of the Corporation's market capitalization.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events, including statements relating to CO2 Solutions' future economic performance, and reflect the current assumptions and expectations of management. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, the satisfaction of the conditions to extend the expiry date of the Warrants, including obtaining the TSX-V's approval, general business and economic uncertainties, third party events and adverse market conditions as well as those risks set out in the Corporation's public documents filed on SEDAR. Readers are cautioned not to place undue reliance on such forward-looking statements. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the 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.
SOURCE CO2 Solutions Inc.
For further information: Investor Relations and Media Contact: CO2 Solutions: Thom Skinner, 418-842-3456, ext. 223, firstname.lastname@example.org; NATIONAL Equicom, Marc Lakmaaker, 416-848-1397, email@example.com