Greenlane Retires Promissory Note Early with Warrant Exercise Proceeds
~Company is cashed up for growth as approximately 95% of outstanding $0.70 warrants get exercised driving early note repayment and stronger balance sheet~
Vancouver, British Columbia, Canada – February 17, 2021 Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) is pleased to announce the early repayment in full, including principal and interest, of an outstanding promissory note owing to Pressure Technologies plc (“PT”) in the amount of $6.0 million. The promissory note was part of the initial consideration owing to PT as part of the original transaction to spin out Greenlane as a separate company. The promissory note had a maturity date of June 30, 2021 as outlined in the Framework Agreement with PT announced July 2, 2020. With this early repayment of the promissory note, all liabilities to PT have been eliminated.
Providing the capital for the promissory note repayment are the funds received from the exercise of approximately 95% of the Company’s 11.5 million $0.70 non-listed warrants, which are set to expire on February 19, 2021. The exercise to date generated gross proceeds to Greenlane of approximately $7.6 million.
“The early retirement of the promissory note is a reflection of the hard work and success that we have experienced over the past twelve months,” said Brad Douville, President and CEO of Greenlane. “The renewable natural gas industry continues to grow and we have been able to capitalize on this growth while strengthening our financial position. With no debt, the proceeds from the recent equity financing, and a more simplified capital structure, Greenlane is exceptionally well positioned for continued growth through expansion of our existing business and execution of our strategic initiatives.”
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
Brad Douville, President & CEO, Greenlane Renewables
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