Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a
global provider of clean energy solutions is pleased to announce
that it has entered into a loan agreement (the “Agreement”) with
the Fonds de solidarité FTQ (the “Fonds”), for an unsecured loan
facility of $10 million.
The loan facility has a term of 5 years and will
be used for working capital, investments, acquisitions and general
corporate purposes. It will allow Xebec to continue its rapid
scale-up through organic and inorganic growth and allow investments
in renewable gas infrastructure projects.
As part of the Agreement, the Fonds has been
granted 3,000,000 warrants exercisable for a period of two years
from the date of closing. Each warrant will allow the Fonds to
purchase one common share of Xebec at an exercise price of $4.58,
representing a 40% premium to the 20-day volume weighted average
price (“VWAP”) as at closing of markets on May 4,
2020.
Quotes:“We are pleased to offer
Xebec this loan after following the company’s developments closely
for more than a year. I am impressed with the results they have
achieved. This loan will help them continue their mission of
decarbonizing the gas grid. I believe that we are in the early
stages of the renewable gas transition and Xebec will be a key
player in the industry. This is a positive first step in building
our relationship with the company and we look forward to the years
ahead.”– Dany Pelletier, Vice President –
Structuring Capital, Energy and Environment, Fonds de solidarité
FTQ
"We’re excited to have been able to arrange this
loan facility with the Fonds de solidarité FTQ which significantly
strengthens our financial position during these uncertain economic
times. This unsecured facility will contribute to the execution of
our growth strategies even while allowing us to pursue additional
opportunities as they arise. The support from the Fonds is very
important to Xebec, and I personally take it as a vote of
confidence in Xebec’s potential as a global clean energy solutions
provider."– Kurt Sorschak, President and CEO,
Xebec Adsorption Inc.
The loan remains subject to the final approval
of the TSX Venture Exchange.
Desjardins Capital Markets acted as financial
advisors to Xebec.
Related links:https://www.xebecinc.com
For more information:Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager bchow@xebecinc.com +1
450.979.8700 ex. 5762
Fonds de solidarité FTQPatrick McQuilken, Media
Relationspmcquilken@fondsftq.com+1 514.703.5587
About the Fonds de solidarité
FTQThe Fonds de solidarité FTQ is a capital development
fund that channels the savings of Quebecers into investments. With
$16.7 billion in net assets as at November 30, 2019, the Fonds has
helped create and protect more than 215,000 jobs. The Fonds has
over 3,100 partner companies and upwards of 700,000
shareholders-savers. For more information, www.fondsftq.com.
About Xebec Adsorption
Inc.Xebec is a global provider of gas generation,
purification and filtration solutions for the industrial, energy
and renewables marketplace. Well-positioned in the energy
transition space with proprietary technologies that transform raw
gases into clean sources of renewable energy, Xebec’s 1500+
customers range from small to multi-national corporations,
governments and municipalities looking to reduce their carbon
footprints. Headquartered in Montréal, Quebec, Canada, Xebec has
several Sales and Support offices in North America and Europe, as
well as two manufacturing facilities in Montréal and Shanghai.
Xebec trades on the TSX Venture Exchange under the symbol XBC. For
more information, www.xebecinc.com.
Cautionary Statement Neither
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. This news release contains forward-looking statements and
forward-looking information (together, “forward-looking
statements”) within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements, and subject to risks and uncertainties.
Generally, forward-looking statements can be identified by the use
of terminology such as “plans”, “seeks”, “expects”, “estimates”,
“intends”, “anticipates”, “believes”, “could”, “might”, “likely” or
variations of such words, or statements that certain actions,
events or results “may”, “will”, “could”, “would”, “might”, “will
be taken”, “occur”, “be achieved” or other similar expressions.
Forward-looking statements, including statements concerning future
capital expenditures, revenues, expenses, earnings, economic
performance, indebtedness, financial condition, losses and future
prospects as well as the expectations of management of Xebec with
respect to information regarding the business and the expansion and
growth of Xebec operations, involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Forward-looking statements are
subject to business and economic factors and uncertainties, and
other factors that could cause actual results to differ materially
from these forward-looking statements, including the relevant
assumptions and risks factors set out in Xebec's public documents,
including in the most recent annual management discussion and
analysis and annual information form, filed on SEDAR at
www.sedar.com. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the uncertain and unpredictable condition of global economy,
notably as a consequence of the Covid-19 pandemic, Xebec’s capacity
to generate revenue growth, Xebec’s capacity to repay the loan in
accordance with the terms of the Agreement, the availability to
Xebec of financing and credit alternatives and access to capital,
Xebec’s capacity to meet all its other commitments and business
plans, Xebec’s limited number of customers, the potential loss of
key employees, changes in the use of proceeds relating to the loan,
share price volatility, and other factors. Although Xebec believes
that the assumptions and factors used in preparing the
forward-looking statements are reasonable, undue reliance should
not be placed on these statements, which only apply as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed times frames or at all. Except
where required by applicable law, Xebec disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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