Toronto, Ontario–(Newsfile Corp. – November 11, 2020) – SustainCo Inc. (TSXV: SMS) (“SustainCo” or the “Company“) announces today that it is undertaking a proposed non-brokered private placement (the “Offering“) of up to 2,500,000 units of the Company (“Units“) at a price of $0.20 per Unit, for aggregate gross proceeds of up to $500,000. Each Unit will be comprised of one common share (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.30 for a period of three years from the date of issuance. The Units will be offered in each province of Canada pursuant to available prospectus exemptions.
Foundation Markets Inc. has been engaged as the Company’s exclusive finder in connection with the Offering (the “Finder“). The Company has agreed to pay the Finder a cash commission of 8% of the proceeds of the Offering introduced by the Finder. In addition, the Company has agreed to issue to the Finder compensation options equal to 8% of the number of Units sold to subscribers introduced by the Finder. Each Compensation Option will entitle the holder thereof to purchase a Unit for $0.20 for a period of three years from the date of issuance.
The Company will use the net proceeds of the Offering to establish new business lines and for general working capital purposes. The Offering is subject to regulatory approvals, including conditional acceptance by the TSX Venture Exchange. The securities issued under the Offering have a hold period of four months and one day from the date of issuance.
About SustainCo Inc.
SustainCo conducts its operations through its wholly-owned subsidiary, VCI Controls.
VCI Controls is a leading supplier of building technologies and services that improve comfort, safety, energy efficiency, and occupant productivity. It is an industry leader in the development of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI Controls’ business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, SustainCo has offices across Canada including, Halifax, Montreal, Ottawa, and Vaughan.
Forward Looking Statements
Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “forecast”, expect”, “plan”, “intend”, “estimate”, “propose”, “project”, or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company’s securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.
The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Neither the Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Chief Executive Officer