(TheNewswire)
VANCOUVER, BC – TheNewswire - April 26, 2023 - CleanGo Innovations Inc. (CSE:CGII)(CNSX:CGII.CN) (OTC:CLGOF) (FRA:APO2) (“CleanGo” or the“Company) is pleased to announce that it has closed a firsttranche (the "First Tranche") of a non-brokered privateplacement (the " Offering ") of convertible note units of the Companycomprised of convertible notes (“ Notes ”) in multiples of CAD$1,000 of principal and 2,500common share purchase warrants (“ Warrants ”) per CAD$1,000 of principal.
In connection with the First Tranche, the Company issued a Note withprincipal value of CAD$150,000 and 375,000 Warrants for grossproceeds of CAD$150,000.
The Note bears interest at rate of 1.5% per month and principal andaccrued interest are repayable in common shares of the Company at aconversion price of $0.375 per share at maturity 24 months from thedate of issuance or at the time of earlier conversion at the option ofeither the Noteholder or the Company. If the Noteholder elects toconvert within the first year, the payment of interest will be waived.Each Warrant entitles the holder to acquire one common share of theCompany at an exercise price of CAD$0.40 per share for a period of twoyears from issuance.
The net proceeds from the Offering will be used for general corporateand working capital purposes.
All securities issued pursuant to the First Tranche are subject to afour-month hold period from the date of closing.
The Company expects to close a second tranche of the Offering in thenear future.
This news release does notconstitute an offer to sell or a solicitation of an offer to buy anysecurities in the United States. The securities described herein havenot been and will not be registered under the United States SecuritiesAct of 1933, as amended (the "U.S. Securities Act") or anystate securities laws, and may not be offered or sold within theUnited States or to U.S. Persons unless registered under the U.S.Securities Act and applicable state securities laws or an exemptionfrom such registration is available. This press release is not fordistribution to U.S. newswire services nor for dissemination in theUnited States. Any failure to comply with this restriction mayconstitute a violation of U.S. securities laws.
On behalf of the Board of Directors
Anthony Sarvucci, Chief Executive Officer
CleanGo Innovations Inc.
Paul Searle
Investor Relations 1 778 240 7724
Forward Looking Information
This news release contains statements that are “forward-lookinginformation” as defined under Canadian securities laws(“forward-looking statements”). These forward-looking statementsare often identified by words such as “intends”,“anticipates”, “expects”, “believes”, “plans”,“likely”, or similar words. Specifically, this news releaseincludes forward-looking statements regarding: the Company’s plansfor use of proceeds from the Offering and its expectation for closingan additional tranche and the timing for that to occur, which can beguaranteed. The forward-looking statements reflect the Companymanagement's expectations, estimates, or projections concerning futureresults or events, based on the opinions, assumptions, and estimatesconsidered reasonable by management at the date the statements aremade. Although the Company believe that the expectations reflected inthe forward-looking statements are reasonable, forward-lookingstatements involve risks and uncertainties, and undue reliance shouldnot be placed on forward-looking statements, as unknown orunpredictable factors could cause actual results to be materiallydifferent from those reflected in the forward-looking statements. Theforward-looking statements in this news release may be affected byrisks and uncertainties in the business of the Company and changes insecurities markets generally and the price of the Company’s sharesspecifically. For this reason, readers should not place undue relianceon forward looking information. Except as required under applicablesecurities legislation, the Company undertakes no obligation topublicly update or revise forward-looking information.
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S.NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
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