Pressure Technologies plc (LON:PRES) today notes the announcement by Greenlane Renewables Inc., the Group’s previously wholly owned subsidiary which was sold to Creation Capital Corp in June 2019, dated 10 February 2020 regarding its overnight marketed underwritten public offering of units in Greenlane (each unit comprising one common share and one-half of one common share purchase warrant).
The proceeds of the proposed Offering are expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note.
The number, pricing and terms of the securities offered as part of the Offering are yet to be determined and there can be no assurance as to whether or when the Offering will be completed, or as to the actual size or terms of the Offering. Equally, there can be no guarantee as to the quantum of any proceeds of the Offering to be paid to the Company, or as to the dilution to the Company’s holding in Greenlane as a result of the Offering. Further updates will be provided in due course.
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.
Pressure Technologies accepts no responsibility for the Offering Announcement, any associated regulatory filings or any information contained therein.