Northstar Closes Strategic Investment of C$2.25 Million from Two Calgary-based Strategic Investors and Appoints Mr. Patrick Chiu to Board of Directors
Summary
"Based in Calgary, Patrick brings a wealth of experience in the homebuilding and real estate industry, reinforced by his academic credentials, including a B.Comm and MBA from top Canadian universities. As President of Trico Communities, Patrick oversees the strategy, asset, and property management of residential and commercial rentals, senior living facilities, and investment portfolios. The Holder may elect to: (i) convert all the Prepayment Amount into Conversion Shares at the Conversion Price; or (ii) accept the Prepayment Amount in cash as set out in the Prepayment Notice.The Company will be entitled to force the conversion of the Principal Amount at the Conversion Price and any accrued and unpaid Interest thereon at a conversion price equal to the closing price of the Common Shares on the TSX Venture Exchange ("TSXV") on the last trading day immediately preceding the applicable date of conversion in the event that the daily volume weighted average trading price of the Common Shares on the TSXV is greater than $0.50 per Common Share for a period of ten (10) consecutive trading days preceding the date of delivery of such notice.Upon a change of control of Northstar, the Company will have the option to repurchase the Convertible Debentures, in whole or in part, at a price equal to 110% of the Principal Amount of the Convertible Debenture then outstanding plus any accrued and unpaid Interest thereon up to and including the date of repurchase.In connection with the closing of the Strategic Investment, the Company paid finders fees in the aggregate amount of $180,000 in cash and issued 720,000 non-transferable broker warrants (each, a "Broker Warrant") to eligible finders, with each Broker Warrant entitling the holder thereof to purchase one Common Share (each, a "Broker Warrant Share") at a price of $0.35 per Broker Warrant Share for a period of thirty-six (36) months following the Closing Date.The Convertible Debenture Units were offered and sold on a private placement basis pursuant to exemptions from the prospectus requirements under National Instrument 45-106 Prospectus Exemptions. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstars mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.For further information about Northstar, please visit www.northstarcleantech.com.On Behalf of the Board of Directors,Aidan MillsPresident & CEO, DirectorNeither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.