Canadian Premium Sand closes stock offering
June 30, 2021 By Canadian Premium Sand
Canadian Premium Sand has announced that, due to investor interest, it has closed an upsized, non-brokered private placement. Pursuant to the offering, the company issued an aggregate of 20,799,200 common shares at a price of $0.25 per common share for gross proceeds of $5,199,800. After giving effect to the offering, the Company will have 42,043,660 common shares issued and outstanding. The corporation’s two significant shareholders and certain directors and officers participated in the offering. On a combined basis they subscribed for an aggregate of 8,330,700 Common Shares for $2,082,675.
The net proceeds of the Offering will be used to fund the initial phase of the front-end engineering and design for a glass manufacturing facility in the greater Winnipeg area, initiate permitting applications and other key activities to progress the business plan, as well as for general working capital purposes.
The company is evaluating the potential for sustainable manufacturing of high clarity flat glass through a company-owned facility in the greater Winnipeg area that utilizes the high-quality silica sand from its wholly-owned Wanipigow silica sand deposit. The company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol “CPS”.
Glass Canada has been covering CPS’ plans since they became public. Find a discussion with CEO Glenn Leroux in a recent episode of GlassTalk, and read about the company’s plans in the August print issue.
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