CALGARY, Alberta, Feb. 22, 2024 (GLOBE NEWSWIRE) — Canadian Premium Sand Inc. (“CPS” or the “Company“) (TSXV:CPS) is pleased to announce its first quarter 2024 financial results. The Company’s interim financial statements and notes thereto and Management’s Discussion and Analysis for the three months ended December 31, 2023, are available under CPS’s SEDAR+ profile.
Highlights
The Company devoted its time and resources during the three-month period ended December 31, 2023, to advancing its patterned solar glass manufacturing facility in Selkirk, Manitoba (the “Project“). Specifically, the Company:
Continued discussions with debt and equity capital investors that have expressed interest in financing the Project;
Completed two financing initiatives in support of the ongoing process to raise project financing. On December 11, 2023, the Company’s insiders, including board members and management, as well as certain key strategic investors exercised 4,747,692 common share purchase warrants, at an exercise price of $0.40 per warrant, resulting in net cash proceeds of $1,899,042. Additionally, the Company reached an agreement with the holders of its outstanding convertible debentures to extend the maturity date by one year from February 26, 2024 to February 26, 2025. All holders of the convertible debentures are insiders or key strategic investors in the Company; and
Subsequent to the period, the Company announced on February 15, 2024 an acknowledgement of the support it received for its Project from the Province of Manitoba.
“We look forward to making continued progress in 2024 with our efforts to raise capital for the construction of our integrated patterned solar glass manufacturing facility. The pledge of support we received recently from the Province of Manitoba is an important milestone. Reflecting on the meaningful level of job creation and the potential to attract other solar energy supply chain investments, this project represents significant economic and strategic value to the City of Selkirk, the Province of Manitoba and Canada overall. We remain committed to establishing North America’s first source of patterned solar glass and contributing to our customers’ stated goal of securing a low-risk and low-carbon solar energy …
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