(TheNewswire)
The Company AlsoAnnounces Shares For Debt Agreement
Vancouver, BC - TheNewswire - July 11, 2023 - CleanGo Innovations Inc. (CNSX:CGII.CN) (OTC:CLGOF)(FRA:APO2) (“ CleanGo ”) or (the “ Company ”) is pleased to provide an operational updateregarding its downhole Oil & Gas applications. CleanGo Industrialis proud to report the introduction of the CS-100 Enhanced OilRecovery Blend in the Denton Texas area north of Ft. Worth. Theproduct was introduced as an agent to assist with the stimulation in anew formation producing light 42API oil. CS-100 EOR Blend was pumpedinto the wellbore to clean out an old polymer / LCM invasion thatoccurred while drilling through to the Barnett in 2012. The plannedoperation included isolating the Barnett with a packer and perforatingthe casing in the oil horizon of interest. Due to wellbore invasion ofold drilling mud and LCM (lost circulation material) the perforationswere compromised with a sludge that prevented wellbore flow. TheCS-100 EOR Blend was pumped into clean out the perforations andenhance the flow of the oil by opening up the perforations andformation channels to stimulate oil recovery. The wellbore iscurrently being monitored for increased hydrocarbons post treatment.More information will be released via a company press release to sharethe results of this treatment.
"This development helps to solidify our impact on the industrialapplications of our proprietary industrial blends and adds significantvalue to our industrial model and our company as a whole" AnthonySarvucci, CEO of CleanGo Innovations stated, "By replacing thetoxic chemicals currently used in the Oil and Gas space with ourproprietary green and environmentally friendly products, this is a winfor both CleanGo Innovations and Oil and Gas companies as a whole”.
The Company Further announces that it has granted 210,900 options tocertain Directors, officers and insiders. The Option are granted withan exercise price of $0.35 per option and shall expire on July 11,2028, being five years from the date of issuance and shall vestimmediately.
The Company also announces that is has entered into a Debt SettlementAgreement with its CEO in the amount of $100,000 to be settled throughthe issuance of Debt Shares at a deemed value of $0.35 per shares.(the “Debt Shares”) the Debt Shares shall have a hold period offour months plus one day and are subject to the approval of the CSE.
The shares for debt transaction constitutes a “related partytransaction” within the meaning of Multilateral Instrument 61-101– Protection of Minority Security Holders in SpecialTransactions (“MI 61-101“) as the CEO of the Company will receive285,714 Common Shares of the Company in connection with the debtsettlement. The Company is relying on the exemptions from thevaluation and minority shareholder approval requirements of MI 61-101contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fairmarket value of the shares for debt transaction with the insider doesnot exceed 25% of the market capitalization of the Company, asdetermined in accordance with MI 61-101. The Company did not file amaterial change report in respect of the related party transaction atleast 21 days before the closing of the debt settlement, which theCompany deems reasonable in the circumstances as the Company wishes toimprove its financial position by reducing its existing liabilities.
About CleanGo Innovations
CleanGo Innovations Inc. is an international, publicly traded companythat specializes in the development of early-staged, green, non-toxicand sustainable products used in retail, commercial and industrialapplications.
The company is proud of its suite of proprietary, Green Seal Certifiednon-toxic green products that are Health Canada approved to claim99.9% disinfecting of viruses and bacteria on a hard surface.CleanGo’s portfolio is proud to be a part of Cruelty Free / LeapingBunny as a certified product while being both family and pet safe. Itis CleanGo’s mission to create the world’s leading non-toxic,green solutions for the worlds cleaning problems.
CleanGo Innovation’s experienced team brings new ideas andinnovation based on science to find solutions to the problems ofcurrent world we live in. Customers rely on quality, nontoxic productsto keep their homes clean and their loved ones safe.
On behalf of the CEO & Board ofDirectors
Anthony Sarvucci
Chief Executive Officer
CleanGo Innovations Inc.
For More information Contact:
Phone 1 949 200 6534
Forward-looking Information
This news release may contain forward-lookingstatements and forward-looking information (collectively,“forward-looking statements”) within the meaning of applicableCanadian and U.S. securities legislation. Forward-looking statementscan often be identified by words such as “will”, “plans”,“expects”, “may”, “intends”, “anticipates”,“believes”, proposes” or variations of such words includingnegative variations thereof and phrases that refer to certain actions,events or results that may, could, would, might or will occur or betaken or achieved. Actual results could differ from those projected inany forward-looking statements due to numerous factors, includingrisks and uncertainties relating to general economic, market orbusiness conditions or changes in laws, regulations and policiesaffecting the Company’s operations. Investors are cautioned thatforward-looking statements are not guarantees of future performance orevents and, accordingly are cautioned not to put undue reliance onforward-looking statements due to the inherent uncertainty of suchstatements. Any forward-looking statements included in this newsrelease are made as of the date hereof and the Company does not intendto update or revise any forward-looking statements, except asexpressly required by law.
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