14:39:14 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Cleango Innovations Inc (3)
Symbol CGII
Shares Issued 3,296,483
Close 2023-07-07 C$ 0.35
Market Cap C$ 1,153,769
Recent Sedar Documents

Cleango's CS-100 EOR blend used in Denton, Tex.

2023-07-11 17:52 ET - News Release

Mr. Anthony Sarvucci reports

CLEANGO INNOVATIONS DEPLOYS 14,000 LITERS OF THEIR PROPRIETARY CS-100 SOLUTION INTO AN OIL WELL LOCATED JUST NORTH OF FORT WORTH TEXAS

Cleango Innovations Inc. has provided an operational update regarding its downhole oil and gas applications. Cleango Industrial is proud to report the introduction of the CS-100 enhanced oil recovery blend in the Denton, Tex., area, north of Fort Worth. The product was introduced as an agent to assist with the stimulation in a new formation producing light 42 API oil. CS-100 EOR blend was pumped into the wellbore to clean out an old polymer/LCM invasion that occurred while drilling through to the Barnett in 2012. The planned operation included isolating the Barnett with a packer and perforating the casing in the oil horizon of interest. Due to wellbore invasion of old drilling mud and LCM (lost circulation material), the perforations were compromised with a sludge that prevented wellbore flow. The CS-100 EOR blend was pumped to clean out the perforations and enhance the flow of the oil by opening up the perforations and formation channels to stimulate oil recovery. The wellbore is currently being monitored for increased hydrocarbons posttreatment. More information will be released through a company press release to share the results of this treatment.

"This development helps to solidify our impact on the industrial applications of our proprietary industrial blends and adds significant value to our industrial model and our company as a whole," Anthony Sarvucci, chief executive officer of Cleango, stated. "By replacing the toxic chemicals currently used in the oil and gas space with our proprietary green and environmentally friendly products, this is a win for both Cleango Innovations and oil and gas companies as a whole."

The company further announces that it has granted 210,900 options to certain directors, officers and insiders. The options are granted with an exercise price of 35 cents per option and shall expire on July 11, 2028, being five years from the date of issuance and shall vest immediately.

The company also announces that is has entered into a debt settlement agreement with its chief executive officer in the amount of $100,000 to be settled through the issuance of debt shares at a deemed value of 35 cents per shares. The debt shares shall have a hold period of four months plus one day and are subject to the approval of the Canadian Securities Exchange.

The shares-for-debt transaction constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) as the chief executive officer of the company will receive 285,714 common shares of the company in connection with the debt settlement. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the shares-for-debt transaction with the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related-party transaction at least 21 days before the closing of the debt settlement, which the company deems reasonable in the circumstances as the company wishes to improve its financial position by reducing its existing liabilities.

About Cleango Innovations Inc.

Cleango is an international, publicly traded company that specializes in the development of early-staged, green, non-toxic and sustainable products used in retail, commercial and industrial applications.

The company is proud of its suite of proprietary, Green Seal-certified non-toxic green products that are Health Canada approved to claim the disinfecting of 99.9 per cent of viruses and bacteria on a hard surface. Cleango's portfolio is proud to be a part of cruelty-free leaping bunny as a certified product while being both family and pet safe. It is Cleango's mission to create the world's leading non-toxic, green solutions for the worlds cleaning problems.

Cleango's experienced team brings new ideas and innovation based on science to find solutions to the problems of the current world. Customers rely on quality, non-toxic products to keep their homes clean and their loved ones safe.

We seek Safe Harbor.

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