Troy Lupul Announces the Acquisition of Common Shares of PlasCred Circular Innovations Inc.

CALGARY, AB, Aug. 4, 2023 /CNW/ - Troy Lupul (the "Acquiror") announces that, in accordance with the provisions of an amended and restated share exchange agreement dated March 1, 2023, as amended on May 24, 2023 (together, the "Share Exchange Agreement"), among PlasCred Circular Innovations Inc. (formerly, Cover Technologies Inc.)  ("PlasCred"), P lasCred Inc. ("PCI") and the shareholders of PCI, he has acquired 27,594,997 common shares of PlasCred (each, a "Common Share") and 5,000,000 Common Share purchase warrants (each, a "Performance Warrant") as part of a reverse take-over of PlasCred by the shareholders of PCI (the "Transaction").

Following the completion of the Transaction (the "Closing"), the Acquiror has ownership, control and direction over an aggregate of 27,594,997 Common Shares, representing approximately 44.51% of the 61,996,566 Common Shares issued and outstanding at the time of Closing. Upon exercise of the Performance Warrants, the Acquiror will have control and direction over an aggregate of 32,594,997 Common Shares representing an aggregate of approximately 48.65% of the issued and outstanding Common Shares on a partially diluted basis.

The Performance Warrants are exercisable at a price of $0.25 per Common Share and will be exercisable in whole or in part at any time until August 3, 2028, subject to the prior achievement of the following milestones: (a) 1,666,667 Performance Warrants exercisable upon the earlier of PlasCred securing a financing of at least $15,000,000 for its full-scale processing facility (the "Maximus Facility") or the construction of the Maximus Facility; (b) 1,666,667 Performance Warrants exercisable upon the construction of the Maximus Facility; and (c) 1,666,666 Performance Warrants exercisable upon the completion of Phase One, the initial 2,000 barrels output per day at the Maximus Facility.

The Acquiror acquired the 27,594,997 Common Shares at a deemed price of $0.10 per Common Share pursuant to the Share Exchange Agreement.

Subject to applicable law and compliance with the terms of the escrow agreement and contractual lock-up provisions governing the release of the aforementioned securities, the Acquiror will continue to review its holdings of PlasCred's securities, and depending on market conditions, general economic conditions and industry conditions, PlasCred's business and financial condition and prospects and/or other relevant factors, may increase or decrease its investment in the securities of PlasCred.

A copy of the report of acquisition filed by the Acquiror in connection with this acquisition is available under PlasCred's issuer profile on the SEDAR website at www.sedar.com  and can be obtained by contacting the Acquiror at [email protected]  / 587-430-3004.

The Acquiror's address is 2611 15A St SW, Unit 201, Calgary, Alberta, T2T 4C1, Canada.

PlasCred's address is: Suite 815, 715 5th Avenue S.W., Calgary, Alberta, T2P 2X6, Canada.

SOURCE Troy Lupul