CVW CleanTech Announces Third Quarter 2024 Results
CVW CleanTech Announces Third Quarter
2024 Results
Calgary, Alberta--(Newsfile Corp. - November 28, 2024) -
CVW CleanTech Inc. (TSXV: CVW)
(OTCQX: CVWFF) (the "Company" or "CVW CleanTech")
today announced its operating and
financial results for the three and nine months ended September 30, 2024. For complete details, please
refer to the Q3 2024 Condensed Interim Financial Statements and associated Management Discussion
and Analysis, available on SEDAR+:
www.sedarplus.c
a
or on the Company's website:
www.CVWCleanTech.com
.
Highlights
During the quarter, the Company completed its first royalty financing transaction in the amount of
$14.0 million with Northstar Clean Technologies Inc. ("Northstar"). The Company generated
$85,000 in interest revenue during the quarter from this royalty transaction.
The royalty transaction was financed by a brokered private placement initially announced at $15.0
million and subsequently upsized to $16.75 million.
Cash on hand as at September 30, 2024 was $6.2 million. The Company continues to prudently
manage its treasury, focusing on expenses which have the ability to advance commercial
opportunities.
Net loss for the three month period ended September 30, 2024 was $584,000 and the net loss per
share was $0.01 (basic and diluted) for the same period. Net loss for the nine month period ended
September 30, 2024 was $2.8 million and the net loss per share was $0.02 (basic and diluted) for
the same period.
Subsequent to the closing of the transaction, Northstar has made meaningful progress with respect to
the construction of its Calgary facility. The building is now enclosed and certain key construction
milestones have been achieved. Interior work on various systems is underway, keeping the project on
track for operations to commence in 2025. Off-site fabrication and testing of critical equipment has also
advanced.
"We are very pleased that the construction of Northstar's Calgary facility, and the testing of key
equipment, are both proceeding well," said Akshay Dubey, CEO of CVW CleanTech. "The building is
now enclosed and interior work underway. This progress brings us closer to generating value for our
shareholders through the royalty financing deployed during the quarter."
During the quarter, the Company also made advancements towards the development of a Creating
Value From Waste™ ("CVW™") project. The Company announced a partnership with the University of
Alberta to develop a commercial grade monazite circuit. Monazite is a key critical mineral containing
rare earth elements ("REEs") which are used in applications such as batteries, magnets, electronics,
and other renewable energy technologies. Subsequent to the end of the quarter, the Company
announced that the Fort McKay Métis Nation had joined the existing framework agreement with CVW
CleanTech and four other Indigenous and Métis communities.
"Our technical team has begun the initial work to develop a commercial grade monazite circuit as we
look to capitalize on Alberta's deposits of rare earth elements," said Akshay. "Additionally, we are proud
to welcome the Fort McKay Métis Nation as partners in the framework agreement, and are very much
looking forward to a productive relationship."
About CVW CleanTech Inc.
CVW CleanTech
's vision is to invest in innovative technologies which provide returns linked to
commodities and which operate in a sustainable manner that helps accelerate the world's transition to
net zero. CVW CleanTech is in the process of building a portfolio of royalty-based cash flow streams by
partnering with clean technology innovators in the commodity space. CVW CleanTech is the 100%
owner of its proprietary technology, Creating Value from Waste™, which is designed to recover bitumen,
solvents, critical minerals, and water from oil sands froth treatment tailings, which would reduce tailings
pond fugitive methane emissions, volatile organic compounds, and enhance tailings management.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of
applicable Canadian securities laws (collectively, "forward-looking information") that reflect the current
expectations of management about the future results, performance, achievements, prospects, or
opportunities for CVW CleanTech.
Forward-looking statements are frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.
The forward-looking statements may include statements regarding the anticipated benefits of the
adoption and commercialization of CVW™ technology, the chemical, material, financial, economic,
operational, environmental and any other anticipated results of the adoption thereof, potential
diversification strategies and the implementation and results thereof, expectations regarding future
development, funding (including necessity, sources, and expected structure of the same) and
contracted work, expectation as to the timeline on which any goals of the Company will be met,
expectations regarding the key economic and policy drivers supporting the adoption of CVW
CleanTech's technology, expectations regarding synergies or alignments between the business of the
Company and any other organization, CVW CleanTech's research and development and
commercialization plans, the advantages of the Company's technology, the Company's ongoing
engagement with stakeholders, including business development activities, the development of
networks with strategic partners, and the development of Company's relationships with Indigenous
communities and any potential benefits for the same, potential financing opportunities, including grant
and financing opportunities from applicable government programs and non-governmental
organizations, and entering into funding agreements related thereto, any expected next steps for the
Company, timelines, strategic plans, the scope of any activities that will be undertaken, the closing of
the Transaction and Offering on the terms described previously or at all, the Company's future
liquidity situation and the market prices of commodities or other statements that are not statement of
fact. Forward-looking statements are statements about the future and are inherently uncertain, and
actual achievements of the Company may differ materially from those reflected in forward-looking
statements due to a variety of risks, uncertainties and other factors. For the reasons set forth above,
investors should not place undue reliance on forward-looking statements. Important factors that could
cause actual results to differ materially from the Company's expectations include: uncertainties
involved in disputes and litigation, fluctuations in interest rates, commodity prices and currency
exchange rates; changes in the availability, and cost, of technical labour required for the success of
the Company's products and services; price escalation and/or inflationary pressures affecting the cost
of equipment and material required to commercialize the same; the uncertainty of estimates of capital
and operating costs; the need to obtain additional financing and uncertainty as to the availability and
terms of future financing; the impact on the Company of increasing inflation; any change in
government policy, programs, and funding opportunities, whether provincial, national, or international
which could negatively affect the Company, and any failure of the same to continue to evolve in
accordance with Company's expectations; any change in capital or commodity markets, whether
generally or particularly in the clean technology sector, which could cause or compel the Company to
adjust its goals, reallocate capital, and/or pursue alternative financing options; and other risks and
uncertainties disclosed in other information released by the Company from time to time and filed with
the appropriate regulatory agencies.
All forward looking statements are based on the Company's beliefs and assumptions which are based
on information available at the time these assumptions are made. The Company has made the
following assumptions in relation to the forward-looking statements in this press release: the expected
environmental and economic benefits to be achieved from CVW™ technology; the ability of the
Company to successfully access various government funding programs; the details of government
funding programs and that such programs will be implemented (and not change) as expected; that the
Company will continue to be able to protect its intellectual property; assumptions as to various market
and commercial opportunities for the Company and its technology; and the ability of the Company to
continue to develop and commercialize its technology; that market conditions will not change
adversely so as to prevent the closing of the Transaction and Offering on the terms previously
described or at all. The forward-looking statements contained herein are as of the date set out above
and are subject to change after this date, and the Company assumes no obligation to publicly update
or revise the statements to reflect new events or circumstances, except as may be required pursuant
to applicable laws.
Although management believes that the expectations represented by such forward-looking
information or statements are reasonable, there is significant risk that the forward-looking information
or statements may not be achieved, and the underlying assumptions thereto will not prove to be
accurate. Actual results or events could differ materially from the plans, intentions and expectations
expressed or implied in any forward-looking information or statements, including the underlying
assumptions thereto, as a result of numerous risks, uncertainties and factors including: failure to
obtain regulatory approvals; the possibility that opportunities will arise that require more cash than the
Company has or can reasonably obtain; dependence on key personnel; dependence on corporate
collaborations; potential delays; uncertainties related to early stage of technology and product
development; uncertainties as to fluctuation of the stock market; uncertainties as to future expense
levels and the possibility of unanticipated costs or expenses or cost overruns; and other risks and
uncertainties which may not be described herein.
For further information, please contact:
Akshay Dubey
CEO
403.460.8135
Joshua Grant
CFO
403.460.8135
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/231783