Cleantek Industries closes C$10.75 million equity financing

On September 7, 2021, Cleantek Industries Inc. ("Cleantek") announced the closing of its C$10.75 million brokered private placement of subscription receipts. The subscription receipts were offered on a best-efforts agency basis at a price of C$1.75 per receipt by syndicate of investment dealers led by Eight Capital, and including Echelon Wealth Partners, Cormark Securities Inc. and Raymond James Ltd.

Pursuant to the financing agreement dated July 12, 2021, each subscription receipt will be exchangeable for one unit of Cleantek, exchangeable without any further action required on the part of the holder and without payment of any additional consideration, concurrent with the closing of Cleantek’s jointly announced reverse take-over by Raise Production Inc. (the “Transaction”) and will participate with all other holder of Cleantek Shares in the Transaction.

The proceeds of the financing will be held in escrow pending the the closing of the Transaction, which is expected to close on or about October 31, 2021.

Further information can be found on Newsfile’s website.

Cleantek is a clean energy technology company focused on hydro-sustainability with operations across North America. It 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. 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.

Cleantek also has a suite of patented SolarHybrid and HALO lighting technology systems that service the energy, industrial, construction, and agricultural markets.