(TSX: AAV)
CALGARY, AB, Aug. 23, 2021 /CNW/ - Entropy Inc. ("Entropy" or
the "Corporation", a subsidiary of Advantage Energy Ltd.,
"Advantage") is pleased to announce the initiation of a formal
process to explore alternatives for raising external capital,
including a private placement of equity securities of the
Corporation (the "Financing").
Entropy intends that the net proceeds from the Financing would
be used to fund the commercial development of Carbon Capture and
Sequestration ("CCS") projects using Entropy's patent-pending
process design, Entropy23TM solvent, and deep expertise
in geological carbon storage.
Entropy has retained TD Securities Inc., Scotia Capital Inc. and
Desjardins Securities Inc. as agents for the Financing. The
Corporation does not intend to provide any updates on the progress
of this initiative until a definitive outcome is reached.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to, for the account or
benefit of, U.S. Persons (as such term is defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Entropy Inc:
Entropy is a privately-owned company (Advantage 90% and Allardyce
Bower Holdings Inc. 10%), founded to apply sophisticated science
and engineering to commercialize CCS. Entropy's technology is
expected to deliver commercial profitability at a carbon price
below CAN$50/tonne, using proprietary Modular Carbon Capture and
Storage technology. Entropy intends to deploy this technology in
the global effort to reduce and eventually eliminate carbon
emissions.
About Advantage Energy Ltd.:
Advantage is a low-carbon energy producer focused on developing its
high quality Montney resources.
Advantage's owned infrastructure, top-tier cost structure and
capital efficiency provide a strong foundation for sustainable,
disciplined production growth. With modern, low emissions-intensity
assets and the Glacier CCS asset, Advantage continues to proudly
deliver clean, reliable and sustainable energy, contributing to a
reduction in global emissions by displacing high-carbon fuels.
Advantage's common shares trade on the Toronto Stock Exchange under
the symbol AAV with its head office in Calgary, Alberta, Canada.
Advisory
The information in this press release contains certain
forward-looking statements, including within the meaning of
applicable securities laws. These statements relate to future
events or our future intentions or performance. All statements
other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "continue",
"demonstrate", "expect", "may", "can", "will", "believe", "would"
and similar expressions and include statements relating to, among
other things, the use of proceeds from the Financing and the
Corporation's intentions with respect to updates on the progress of
the Financing. Entropy's actual decisions, activities, results,
performance or achievement could differ materially from those
expressed in, or implied by, such forward-looking statements and
accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur or, if any of them do, what benefits that Entropy will derive
from them.
These statements involve substantial known and unknown risks
and uncertainties, certain of which are beyond Advantage's and
Entropy's control, including, but not limited to: the board of
directors of Entropy determines to use the proceeds from the
Financing for another purpose; the risk that a Financing is not
completed; the amount raised pursuant to the Financing is less than
anticipated; changes in general economic, market and business
conditions; industry conditions; actions by governmental or
regulatory authorities including increasing taxes and changes in
investment or other regulations; changes in tax laws and incentive
programs; changes in carbon tax and credit regimes; competition
from other producers of CCS technologies; the lack of availability
of qualified personnel or management; credit risk; changes in laws
and regulations including the adoption of new environmental laws
and regulations and changes in how they are interpreted and
enforced; ability to comply with current and future environmental
or other laws; market valuations; failure to achieve the
anticipated benefits and results of Entropy's technology; ability
to obtain required approvals of regulatory authorities; and ability
to access sufficient capital from internal and external
sources.
With respect to forward-looking statements contained in this
press release, Entropy has made assumptions regarding, but not
limited to: the amount of funds to raised pursuant to the
Financing; the ability to complete a Financing; the use of proceeds
from the Financing; conditions in general economic and financial
markets; effects of regulation by governmental agencies; current
and future commodity and carbon prices and royalty and carbon
credit regimes; future exchange rates; royalty rates; future
operating costs; availability of skilled labor; timing and amount
of net capital expenditures; the impact of increasing competition;
that Entropy will have sufficient cash flow, debt or equity sources
or other financial resources required to fund its capital and
operating expenditures and requirements as needed; that Entropy's
conduct and results of operations will be consistent with
expectations; that Entropy will have the ability to develop its
technology in the manner currently contemplated; current or, where
applicable, proposed assumed industry conditions, laws and
regulations will continue in effect or as anticipated; and the
anticipated benefits and results from Entropy's technology are
accurate in all material respects. Readers are cautioned that the
foregoing lists of factors are not exhaustive. Readers are
cautioned that the foregoing lists of factors are not
exhaustive.
These forward-looking statements are made as of the date of
this news release and Entropy disclaims any intent or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or results or otherwise, other
than as required by applicable securities laws.
SOURCE Advantage Energy Ltd.