Anaergia has announced a C$40.8 million (€27.9 million) equity investment by Marny Investissement SA (Marny) by way of an arm’s-length, three-tranche, non-brokered private placement.
Marny, through a wholly owned subsidiary (“Marny Holdco”), has agreed to subscribe for an aggregate of 102,000,000 units of the Company at a price of C$0.40 per Unit with each Unit consisting of one subordinate voting share of the Company and 1/5 of one Subordinate Voting Share purchase warrant of the Company (each a “Warrant").
The Strategic Investment will close in three tranches of 34,000,000 Units for gross proceeds of C$13.6M each.
The first, second and third tranches may close no later than January 15, 2024, February 15, 2024, and March 15, 2024, respectively.
The Strategic Investment is subject to, among other things, the timely fulfillment of the payment obligations under the subscription by Marny and, the delivery by Marny of guarantees in respect of the payment obligations, acceptable to Anaergia, acting reasonably, on or about December 22, 2023. The closing of the first, second and third tranches are subject to a limited number of customary conditions.
“As part of its strategic review process, the Company has focused on reducing costs, eliminating certain debt burdens and obligations, and improving liquidity," said Brett Hodson, CEO of Anaergia. "The Strategic Investment reflects the confidence that Marny has in these efforts to unlock the potential value in Anaergia’s long-term vision. The aggregate proceeds from the Strategic Investment are designed to enhance our liquidity position over time, providing us, potentially, with the resources to navigate current challenges as we have previously disclosed.
“We appreciate the support of our stakeholders as we work towards strengthening our financial foundation and achieving our business plans. The anticipated capital injections reaffirm our commitment to delivering on our business strategy to drive sustainable success and harness the exciting opportunities that lie ahead for Anaergia.”
“We are pleased to make the Strategic Investment in Anaergia, which is well positioned as a worldwideglobal renewable fuels leader,” said Ohad Epschtein, the beneficial owner of Marny. “We have analysed Anaergia’s unique technology and manufacturing capabilities and we are very optimistic that the Strategic Investment will allow the Company to unlock additional growth and potential. We expect to work closely with Dr. Andrew Benedek and Anaergia’s management team, as we continue to expand and grow Anaergia’s business interests in new directions, all with the ultimate goal of creating a cleaner and better world."
Anaergia receives C$40.8m investment
