Cleantek Industries Inc. Successfully Closes Private Placement Financing

Calgary, Alberta–(Newsfile Corp. – September 5, 2024) – Cleantek Industries Inc. (TSXV: CTEK) (“Cleaner“or”Business“) is pleased to announce the successful completion of its previously announced private placement financing. Cleantek is an innovative provider of patented, clean technology solutions that aims to reduce both the cost and carbon intensity of the wastewater and industrial lighting sectors in North America.

“We are pleased with the strong support of our board and management in this private placement and I am personally pleased to establish a significant ownership position in Cleantek,” said Riley Taggart, Cleantek’s president and CEO. “The capital raised will help us fuel our next phase of growth, enabling us to continue to advance our clean energy technologies. We are committed to being good stewards of our investors’ capital and delivering value to our shareholders as we continue to execute on our strategic plan.”

Private placement without intermediaries (so-called “Private Placement“) consisted of the issuance of up to 1,000,000 units at a unit price of $0.15, giving rise to aggregate gross proceeds of up to $150,000. Each unit consists of one Cleantek common share (“Ordinary shares“) and one half of one common share purchase warrant (“WarrantEach Warrant entitles the holder to purchase one Common Share at an exercise price of $0.25 per Common Share for two years from the date of closing of the Private Placement.

About Cleantek

Cleantek is a clean energy company focused on ESG accretion technology solutions operating throughout North America. Cleantek has developed and commercialized a patented wastewater dewatering technology, ZeroE, which it leases to its customers for use in gas processing plants and hydro-sustainable offshore drilling rigs. Cleantek’s ZeroE technology separates wastewater into (i) clean water, which is evaporated and returned to the natural hydrological cycle, and (ii) concentrated brine, which is disposed of through traditional methods. ZeroE is powered by waste heat generated from the exhaust of gas plant engines and drilling rigs. Cleantek’s ZeroE technology is complemented by a suite of low-emission LED lighting systems, including our patented Solar Hybrid lighting systems and HALO Crown mounted lighting systems.

Forecast statements

This press release contains certain “forward-looking statements,” including, but not limited to, the anticipated use of proceeds from the private placement. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events reflected in these forward-looking statements could differ materially from actual results or events. In addition to other factors and assumptions that may be identified herein, assumptions have been made regarding and are implied by, among other things, the receipt of regulatory approvals, the condition of the capital markets, the Company’s ability to effectively manage the risks inherent in pursuing business opportunities in the oilfield services industry and outside of the North American market, and the Company’s ability to obtain qualified personnel, equipment and services in a timely and cost-effective manner to grow its business.

Any forward-looking statements reflect information available to Cleantek on the date of this press release. Except as may be required by applicable securities laws, Cleantek disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events, results or otherwise.

Riley Taggart, President and CEO
Email: [email protected]

Orson Ross, CFO
E-mail address: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222329