Mr. Brad Douville reports
GREENLANE ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION
In connection with Greenlane Renewables Inc.'s previously announced underwritten public offering of 20 million units, the underwriters have determined to exercise their overallotment option to purchase an additional three million units at the offering price of 50 cents per unit. Exercise of the overallotment option will bring the total gross proceeds of the offering to $11.5-million.
Beacon Securities Ltd. is acting as lead underwriter and sole bookrunner on behalf of itself and a syndicate of underwriters in connection with the offering.
Closing of the offering, which will include issuance of the over allotment units, is anticipated to occur on Feb. 19, 2020, and remains subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The company will use the net proceeds of the offering for the following purposes: (i) investments in the company's build, own and operate biogas upgrader initiatives; (ii) the required payment to Pressure Technologies PLC against the outstanding promissory note issued to acquire the Greenlane biogas business; and (iii) general corporate purposes and working capital.
The offering is being conducted pursuant to the company's Canadian base shelf prospectus filed with securities regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario. A final prospectus supplement dated Feb. 11, 2020, has been filed in the qualifying jurisdictions. Copies of the final prospectus supplement and the accompanying base shelf prospectus can be obtained from SEDAR.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas.
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