LONDON, Ontario, Aug. 17, 2024 (GLOBE NEWSWIRE) — Aduro Clean Technologies Inc. („Aduro“ or the “Pursue“) (CSE: ACT) (OTCQX: ACTHF) (FSE: 9D50), a Canadian technology company harnessing the power of chemistry to transform low-value commodities such as waste plastics, heavy bitumen and renewable oils into 21st century resources, announces that it intends to consolidate the Company’s common shares (each, a “Share”) on a three-quarter (3.25) pre-Consolidation share for one (1) post-Consolidation share basis (the “Consolidation”). The Consolidation will be effective at the open of the market on August 20, 2024. The symbol “ACT” will be retained. The new CUSIP number will be 007408206.
There are currently a total of 88,316,467 shares issued and outstanding, bringing the total number of shares issued and outstanding after the Consolidation becomes effective to 27,174,297, subject to rounding. There is no maximum number of authorized shares. Computershare Investor Services Inc. will mail a letter of transmittal to shareholders of record on August 20, 2024 containing instructions on how to exchange pre-consolidation share certificates for post-consolidation share certificates. Shareholders are advised to mail their share certificates along with the letter of transmittal to Computershare Investor Services Inc. in accordance with the instructions in the letter of transmittal.
The Company also announces the conversion of the Class B Special Warrants upon the achievement of the second milestone under the securities exchange agreement between the Company and Aduro Energy Inc. dated October 22, 2020, as amended. As a result of the conversion, the Company has issued a total of 4,102,563 Post-Consolidation Shares.
About Aduro Clean Technologies
Aduro Clean Technologies develops patented water-based technologies to chemically recycle plastic waste, convert heavy crude oil and bitumen into lighter, more valuable oil, and convert renewable oils into higher-value fuels or renewable chemicals. The company’s Hydrochemolytic™ technology relies on water as the critical active ingredient in a chemical platform that operates at relatively low temperatures and costs. This is a groundbreaking approach that transforms low-value raw materials into resources for the 21st century.
For further information please contact:
Offer Street, CEO
ovicus@adurocleantech.com
Abe Dyck, Investor Relations
ir@adurocleantech.com
+1 226 784 8889
KCSA Strategic Communications
Jack Perkins, Vice President
aduro@kcsa.com
Forward-looking statements
This press release contains forward-looking statements. All statements that are not historical facts but relate to activities, events or developments that the Company believes, expects or predicts will or may occur in the future are forward-looking statements. The forward-looking statements reflect management’s current expectations based on information currently available to it. They are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and undue reliance should not be placed on these statements because of the uncertainties involved. Important factors that could cause actual results to differ materially from the Company’s expectations include adverse market conditions and other factors beyond the control of the parties. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release.
A photo accompanying this announcement is available at
