Pressure Technologies plc (LON:PRES) today noted the subsequent announcement by Greenlane Renewables Inc. (CVE:GRN) regarding its underwritten public offering. Greenlane has confirmed the allocation of 20,000,000 units in the company pursuant to the Offering, (each unit comprising one common share and one-half of one common share purchase warrant) at a price of $0.50 per unit, raising gross proceeds of $10m.
The Offering is expected to close on or around 19 February 2020, with the proceeds of the Offering expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note. The proceeds of the Offering receivable by the Company is anticipated to be a minimum of approximately £2m. Following the closing of the Offering, the dilutive impact of the Offering on the Company’s holdings of common shares is expected to be reduced to under 20% of the then-outstanding common shares of Greenlane.
The full text of the Offering Announcement and any associated regulatory filings can be found via the following link: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00045658. The Company accepts no responsibility for the Offering Announcement, any associated regulatory filings or any information contained therein.