- Publicly-traded AmmPower Corp. to acquire controlling interest of 50.05% in privately-held Progressus Clean Technologies Inc. from Aberdeen and certain other shareholders
- Aberdeen to sell its holdings in Progressus Clean Technologies Inc. for 41,254,125 common shares of AmmPower Corp.
- Acquisition creates a unique technology platform and value proposition while unlocking value for Aberdeen. shareholders
TORONTO, Jan. 09, 2023 (GLOBE NEWSWIRE) — Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB, F: A8H, OTC: AABVF) is pleased to announce the sale of its Progressus Clean Technologies Inc. (“Progressus“) shares to AmmPower Corp. (“AmmPower”) as part of AmmPower’s acquisition of 50.05% of the issued and outstanding common shares of Progressus, a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies (the “Transaction”).
“AmmPower is a natural suitor for Progressus and we think that this transaction makes a lot of sense – it provides both AmmPower and Progressus with the right resources at the right time; it enables the companies to accelerate technology development and commercialization; and it creates a unique value proposition to customers. For Aberdeen, it enables us to have meaningful ongoing exposure to the growth upside from Progressus as well as new clean ammonia technologies being developed by AmmPower,” stated Mr. Younger, CEO of Aberdeen.
The combination of Progressus’ clean hydrogen technology – which is directly applicable to improving the efficiency of ammonia production through the extraction of hydrogen from dilute syngas – with AmmPower’s leading intellectual property and technology development capabilities in clean ammonia production, creates a significant platform for growth and an opportunity to unlock value for Aberdeen shareholders.
Under the terms of the Transaction, AmmPower acquired 25,000,000 shares of Progressus from Aberdeen in exchange for 41,254,125 common shares of AmmPower at a deemed price of C$0.30 per AmmPower share, representing C$12,376,238. The transaction results in Aberdeen holding 27.35% of the issued and outstanding shares of AmmPower. Prior to completion of the Transaction, Aberdeen owned no securities of the AmmPower. Aberdeen has acquired the common shares of AmmPower for investment purposes and in accordance with applicable securities laws. Aberdeen may, from time to time, acquire additional common shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of AmmPower in the open market or otherwise, and reserves the right, subject to applicable securities law, to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of AmmPower and other relevant factors.
This press release is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which AmmPower is a reporting issuer containing information with respect to the foregoing matters (the “Early Warning Report“). A copy of the Early Warning Report will be available under AmmPower’s profile at www.sedar.com and available from Aberdeen upon written request at 198 Davenport Road, Toronto, Ontario M5R 1J2, Tel: 416-861-5882.
ABOUT AMMPOWER CORP.
AmmPower is a clean energy company focused on the production of green ammonia. The Company is based in Toronto, Ontario, with a research and manufacturing facility in Southeast Michigan. The Company is active in all facets of green ammonia production, including the production of green fertilizers, carbon free shipping fuel, and the ‘cracking’, or moving of green hydrogen as ammonia. The Company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. AmmPower currently holds several LOIs with ports in Brazil, the United States, and is currently completing its IAMM™ prototype to create green ammonia for the agricultural industry. The Company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan Property located in Klotz Lake area in Northwestern Ontario.
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company focused on small capitalization companies in the battery metals, clean energy and renewable energy sectors.
For additional information, please visit our website at www.aberdeen.green
For further information, please contact:
Chief Executive Officer
Aberdeen International Inc.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the transaction to sell Progressus shares to AmmPower; the benefits of the transaction; the investment portfolio of the Company; and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the clean energy and natural resources industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.aberdeen.green. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.