Anaergia – a global renewable fuels leader – announced that the first tranche of the previously announced equity investment of C$40.8 million from Marny Investissement SA has closed with the issuance of 31.25 million units of the company for gross proceeds of C$12.5 million, immediately following entry by the parties into an amendment agreement.
Each of the units consist of one subordinate voting share of the company and 1/5 of one subordinate voting share purchase warrant of the company. Each warrant entitles the holder to purchase one additional subordinate voting share at an exercise price of C$0.80 for a period of three years following the date.
In connection with the closing of the first tranche of the strategic investment, Ronen Kantor, a nominee of Marny, has been appointed to the Company’s board of directors to fill the vacancy created by the resignation of Alan Viterbi.
Pursuant to the amendment agreement, the remainder of the strategic investment is now expected to close as follows: (i) the second tranche of 34 million units for gross proceeds of C$13.6 million will close no later than March 15, 2024; and (ii) the third tranche of 36.75 million units for gross proceeds of C$14.7 million will close no later than March 15, 2024. The closing of second and third tranches remain subject to a limited number of customary conditions.
