SANTIAGO, CHILE / ACCESSWIRE / November 29, 2022 / Butler Corporation SpA d/b/a Cleanlight ("Cleanlight" or the "Company"), a B2B and B2C affordable and innovative solar solution for homes and businesses, is pleased to announce that it has executed a non-binding letter of intent with RE Royalties Ltd. ("RE Royalties") which outlines a USD$3 million senior secured working capital loan and royalty acquisition (the "Loan") by RE Royalties.
RE Royalties is a TSX Venture Exchange listed company that provides non-dilutive financing solutions to privately held and publicly traded companies in the renewable and sustainable energy sector.
The Loan will enable Cleanlight to increase its manufacturing capability and assist its existing United States-based commercial and industrial customers with further expansion into the Latin American market. Cleanlight and RE Royalties anticipate that the Loan will be advanced on December 15, 2022 or on another date as agreed upon between Cleanlight and RE Royalties (the "Closing Date").
"Partnering with RE Royalties will allow Cleanlight to scale up operations, grow sales and expand market presence in the mining sector, which is desperately seeking sustainable solutions," said Jordan Butler, CEO of Cleanlight. "Cleanlight offers commercial, consumer and industrial customers a reliable and easy transition to renewable energy solutions to meet their needs in real time."
Closing of the transaction and advancement of the Loan are subject to the completion of due diligence to the satisfaction of RE Royalties, execution of definitive transaction documentation and customary closing conditions.
Cleanlight is an affordable and innovative solar solution for homes and businesses with its principal head office located in the Republic of Chile. Cleanlight has a strong ESG impact, reducing CO2 emission by 21,000 tons per year, saving their customers over 12 million litres of diesel each year, and generating over 3 MW of clean energy. To date, CleanLight has generated over USD$8.5 million dollars in consumer sales through its loyal customer base. CleanLight's solar solution has the capacity to harness substantially more energy than the industry standard through their patented gel batteries that are considered to be more reliable and durable than their competitors.
Cleanlight's industry grade solar technology used in the mining sector, with several companies across North America such as Teck, Lundin Mining, Barrick Gold, and Kinross who have chosen to utilize our solar solution for their commercial operations.
To learn more about Cleanlight and its innovative products, please visit its website https://cleanlightinc.com/.
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This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company and within the meaning of Canadian securities laws. Forward looking information is typically identified by words such as: will, believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events and, in this news release, includes statements respecting the Loan and the timing thereof. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities including financing. No assurance can be given that these factors, expectations and assumptions will prove to be correct and the Company does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws.
SOURCE: Butler Corporation SpA
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