Anaergia plans to use the proceeds from the investment to pay accounts payable and fund ongoing activities. (Source: Shutterstock)
Renewables company Anaergia Inc. satisfied the interim conditions necessary for its previously announced equity investment of CA$40.8 million (US$30.6 million) from Luxembourg-based holding company Marny Investissement SA by way of an arm’s length, three tranches, non-brokered private placement.
In lieu of delivering bank guarantees, Anaergia accepted a guarantee from Marny Investissement for the performance of its subsidiary Marny Holdco’s payment obligations in connection with the strategic investment.
The investment will close in three tranches of approximately 34 million units of Anaergia for gross proceeds of CA$13.6 million (US$10.2 million) each. The first tranch will close no later than Jan. 15, the second no later than Feb. 15 and the third will close no later than March 15. All three tranches remain subject to several customary closing conditions.
“As part of its strategic review process, the company has focused on reducing costs, eliminating certain debt burdens and obligations and improving liquidity. The strategic investment reflects the confidence that Marny has in these efforts to unlock the potential value in Anaergia’s long-term vision,” said Brett Hodson, CEO of Anaergia, in the company’s Dec. 18 press release. “The aggregate proceeds from the strategic investment are designed to enhance our liquidity position over time, providing us, potentially, with the resources to navigate current challenges as we have previously disclosed.”
Anaergia plans to use the proceeds from the investment to pay accounts payable and fund ongoing activities.
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