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 supply chain," stated Company President & CEO, Glenn Leroux.
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity patterned solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
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.
CONTACT INFORMATION:
| Canadian Premium Sand Inc. | |
| Glenn Leroux | Cam Deller |
| President and Chief Executive Officer | Chief Financial Officer |
| glenn.leroux@cpsmail.com | cam.deller@cpsmail.com |
| Investor Relations | |
| IR@cpsmail.com | |
| 587.355.3714 | |
| www.cpsglass.com | |
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and the Company's future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as "expects", "estimates", "forecasts", "intends", "anticipates", "believes", "plans", "seeks", "projects" or variations of such words and phrases, or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Such forward-looking statements reflect the Company's beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by the Company that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this press release contains forward-looking statements pertaining, but not limited, to: the ability of the Company to make continued progress in 2024 with its efforts to raise capital for the construction of the Project; the meaningful level of job creation and the potential to attract other solar energy supply chain investments; the significant economic and strategic value of the Project to the City of Selkirk, the Province of Manitoba and Canada overall; the commitment 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 supply chain; future development plans; industry activity levels; industry conditions pertaining to the solar glass manufacturing industry; the ability of and manner by which the Company expects to meet its capital needs; and the Company's objectives, strategies and competitive strengths. By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from those anticipated by the Company and described in the forward-looking statements. The forward-looking information and statements contained in this document speak only as of the date hereof and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
