Calgary, Alberta--(Newsfile Corp. - April 29, 2024) - PlasCred Circular Innovations Inc. (CSE: PLAS) (FSE: XV2) (the "Company" or "PlasCred"), a transformative leader in the plastic waste upcycling sector, has entered into a Growth Equity Agreement ("Agreement") with Nimbus Capital ("Nimbus"), a Panama-based private investment group that specializes in financing disruptive firms that pave the path towards global decarbonization. Nimbus manages a diverse portfolio of investment vehicles, providing flexible and innovative funding solutions to growing businesses worldwide.
Under the terms of the agreement, Nimbus have committed to purchasing common shares with the potential total investment reaching up to CAD $10,000,000. This investment will be directed towards various corporate needs including engineering and design, research and development, operational expenses, and other general corporate purposes. The agreement provides PlasCred with the flexibility to issue these securities as needed over the next thirty-six months, while Nimbus has committed to subscribe and pay for the securities.
Troy Lupul, President & CEO of PlasCred, commented saying, "This financial backing from Nimbus is a crucial endorsement of our innovative approach to upcycling plastic waste. The investment will fuel the advancement of our patent pending technology, enhance our operational capabilities, and accelerate our North American and global expansion. This strategic financial partnership is key to our goal of becoming a leader in the advanced plastic waste upcycling sector."
The Growth Equity Agreement is subject to approval of the CSE Exchange, and all shares and securities of the Company issued pursuant to the Growth Equity Agreement will be subject to a four month plus a day hold period from the date of issuance.
This strategic initiative will raise funds to advance their patent pending low-cost upcycling process, which transforms up to 80% of unsorted, unwashed waste plastic into renewable green condensate and other commercial end products. With an ambitious vision of becoming a leading advanced plastic waste upcycler in North America and globally, PlasCred's approach leverages partnerships with industry leaders for supply chain logistics, including CN Rail, Palantir Technologies Inc., and Fibreco Export Inc., and focuses on environmental sustainability through plastic and carbon credits.
Nimbus's partnership with PlasCred supports PlasCred's potential expansion into Panama, a move that aligns with PlasCred's strategic growth objectives, including the possibility of building a Maximus facility there. Panama's unique geographical location, bridging two oceans and serving as a vital link between North and South America, offers exceptional benefits for logistics and the facilitation of global trade. The country boasts a USD-based economy and is an international banking center, further enhancing its global business appeal. Additionally, Panama hosts the second largest Free Zone in the world, providing substantial incentives for international businesses. Its strong infrastructure, highlighted by the busy Panama Canal, emphasizes its significance in global commerce. By potentially establishing a Maximus site in Panama, PlasCred aims to enhance its operational efficiency and flexibility, positioning itself as a global solution to the world' plastic waste problem.
About Nimbus Capital
Nimbus Capital is a private investment group focused on cross-border transactions. The group offers flexible and innovative funding solutions to growing businesses across the globe. The firm is led by experienced managers with successful track records in the international markets, and backed by In On Capital, a boutique wealth management firm with over USD $1.2 billion in AUM.
PlasCred is at the forefront of rebalancing the future of plastics. The company is transforming plastic waste by granting it a valuable second life. With a vision of advancing towards a climate-positive future, PlasCred aspires to be among the largest advanced plastic waste upcycler's in North America and globally. Their groundbreaking patent-pending technology is set to revolutionize the approach to plastic waste management and upcycling.
PlasCred is also developing strategic partnerships with CN Rail, Palantir Technologies Inc., and Fibreco Export Inc., providing PlasCred with unparalleled operational intelligence and logistics support across North America and globally for transportation and handling of plastic waste. Further information on PlasCred, see their YouTube channel and website located at http://www.youtube.com/@PlasCredInc and https://www.PlasCred.com
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that PlasCred anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements are based on assumptions, including expectations and assumptions concerning the metaverse and the Company's growth plan. While PlasCred considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company's profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of PlasCred Circular Innovations Inc. which are available on SEDAR at www.sedar.com.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. PlasCred Circular Innovations Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
