Cleantek Industries Inc. Successfully Closes Private Placement Financing

Rhea-AI Summary

Cleantek Industries Inc. (TSXV: CTEK) has successfully closed its private placement financing, raising up to $150,000 through the issuance of 1,000,000 units at $0.15 per unit. Each unit comprises one common share and half a warrant, with each full warrant allowing the purchase of one common share at $0.25 for two years. The company, which specializes in clean technology solutions for wastewater management and industrial lighting, plans to use the funds to drive its next growth phase and continue developing clean energy technologies. CEO Riley Taggart expressed enthusiasm about establishing a significant ownership position in Cleantek and the strong support from the board and management.

Positive

• Successfully raised up to $150,000 in private placement financing
• Strong support from board and management in the private placement
• CEO established a meaningful ownership position in the company
• Funds will be used to drive next phase of growth and continue clean energy technology development

Negative

• None.

Calgary, Alberta--(Newsfile Corp. - September 5, 2024) - Cleantek Industries Inc. (TSXV: CTEK) ("Cleantek" or the "Company") is pleased to announce the successful completion of its previously announced private placement financing. Cleantek is an innovative provider of patented, clean technology solutions focused on reducing both cost and carbon intensity in the wastewater management and industrial lighting sectors across North America.

"We are pleased with the strong support from our board and management in this private placement and I am personally excited to establish a meaningful ownership position in Cleantek," said Riley Taggart, President & CEO of Cleantek. "The capital raised will be helpful in driving our next phase of growth, allowing us to continue our development of clean energy technologies. We are committed to being good stewards of our investors' capital and delivering value to our shareholders as we continue to execute our strategic plan."

The non-brokered private placement (the "Private Placement") involved the issuance of up to 1,000,000 units at a unit price of $0.15 for aggregate gross proceeds of up to $150,000. Each unit consists of one Cleantek common share ("Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.25 per Common Share for two years from the closing date of the Private Placement.

About Cleantek

Cleantek is a clean energy technology company focused on ESG accretive technology solutions with operations across North America. Cleantek has developed and commercialized its patented wastewater dehydration technology, the ZeroE, which it rents to its customers for use at gas processing facilities and on drilling rigs focused on hydro-sustainability. Cleantek's ZeroE technology separates wastewater into (i) clean water which is evaporated and returned to the natural hydrological cycle and (ii) concentrated brine which is disposed of using traditional means. The ZeroE technology is powered by the waste heat generated from the engine exhaust of gas plants and drilling rigs. Complimenting Cleantek's ZeroE technology is the suit of low carbon LED lighting systems containing our patented Solar Hybrid lighting systems and HALO Crown mounted lighting systems.

Forward-Looking Statements

This news release contains certain "forward-looking statements", including, but not limited to, the expected use of proceeds from the Private Placement. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the state of the capital markets, the ability of the Company to successfully manage the risks inherent in pursuing business opportunities in the oilfield services industry and outside the North American market, and the ability of the Company to obtain qualified staff, equipment, and services in a timely and cost-efficient manner to develop its business.

Any forward-looking statement reflects information available to Cleantek as of the date of this news release and, except as may be required by applicable securities laws, Cleantek disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events, or results or otherwise.

Riley Taggart, President & Chief Executive Officer
E-mail: rtaggart@cleantekinc.com

Orson Ross, Chief Financial Officer
E-mail: oross@cleantekinc.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222329

FAQ

How much did Cleantek Industries Inc. (TSXV: CTEK) raise in its recent private placement?

Cleantek Industries Inc. raised up to $150,000 through the issuance of 1,000,000 units at $0.15 per unit in its recent private placement.

What is the structure of the units issued in Cleantek's private placement?

Each unit in Cleantek's private placement consists of one common share and one-half of one common share purchase warrant. Each full warrant allows the purchase of one common share at $0.25 for two years from the closing date.

How does Cleantek Industries Inc. (TSXV: CTEK) plan to use the funds raised from the private placement?

Cleantek plans to use the funds raised to drive its next phase of growth and continue the development of clean energy technologies in the wastewater management and industrial lighting sectors.

What are the main business areas of Cleantek Industries Inc. (TSXV: CTEK)?

Cleantek Industries Inc. is an innovative provider of patented, clean technology solutions focused on reducing both cost and carbon intensity in the wastewater management and industrial lighting sectors across North America.