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VANCOUVER, British Columbia – Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) announced today that it has submitted a preliminary abbreviated form of Basic Shelving (the “Shelf Insert”), which is anticipated provide the flexibility to bid on securities during the shelf-life of the shelf prospect until July 2023. The final short-form base shelf prospect is expected to be released in June 2021 and will replace the base shelf prospectus existing, which was introduced in July 2019.
The Shelf Prospectus has been filed with the Securities Commissions of the Provinces of British Columbia, Alberta, Manitoba and Ontario. When final or effective, it will allow offers of common shares, warrants, subscription receipts or units of the company up to an aggregate offer price of $ 500,000,000 during the 25-month period that the Shelf Prospectus is in effect. The Company presented the Shelf Prospectus with the goal of maintaining financial strength and providing maximum flexibility going forward as it executes its business plan and strategic initiatives.
Greenlane has no immediate plans to offer values under the Shelf Prospectus. The specific terms of any future offering will be set forth in a prospectus supplemental to the Shelf Prospectus, which will be filed with the appropriate Canadian securities regulatory authorities.
Greenlane also announces that at 4:59 p.m. ET on June 3, 2021, its common stock purchase warrants exercisable at 26 cents per share expired and were delisted on the same day with approximately 30.1 million shares. $ 0.26 warrants that were exercised before expiration. The warrant exercises generated approximately $ 7.8 million in gross revenue originally for the company since they were issued on June 3, 2019. As of June 3, 2021, the total outstanding shares of Greenlane is approximately 150.0 million shares.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrade systems that are helping to decarbonize natural gas. Our systems produce clean, low carbon and carbon negative renewable natural gas from organic waste sources, including landfills, sewage treatment plants, dairy farms and food waste, suitable for injection into the natural gas network or for direct use as fuel for vehicles. Greenlane is the only biogas improvement company offering all three main technologies: water wash, pressure swing adsorption and membrane separation. With over 30 years of industry experience, proprietary technology, and more than 125 biogas upgrade systems sold in 19 countries around the world, including the world’s largest biogas upgrade facility, Greenlane is inspired by the commitment to help waste producers, gas utilities or project developers to reduce the value of the product in a renewable resource of high value and low carbon emissions. For more information visit www.greenlanerenewables.com.
FUTURE INFORMATION – This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained therein that are not historical in nature contain forward-looking information. The forward-looking information contained in this press release includes statements regarding the approval of the Prospectus for the platform and the Company’s ability to complete financing in accordance with the Prospectus for the platform. A variety of factors, including known and unknown risks, many of which are beyond the company’s control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, but are not limited to, the risks identified in the Company’s annual information form, the annual MD&A and the Shelf Prospectus, each of which has been presented under the Company’s SEDAR profile in www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Inciting the capital markets
Eric Negraeff / Darren Seed
Brad Douville, President and CEO of Greenlane Renewables
Email: [email protected]