VANCOUVER, BC, Nov. 5, 2024 /CNW/ – Loop Energy Inc. (“Loop”) today announces that, in connection with its notice of intention to make a proposal proceeding pursuant to the Bankruptcy and Insolvency Act (Canada) (the “BIA”), and following the sale and investment solicitation process approved by the Supreme Court of British Columbia (the “Court”), it has completed the transaction (the “Transaction”) contemplated by the subscription agreement entered into on October 28, 2024, between Loop, as vendor, and Teralta Hydrogen Solutions Inc. (“Teralta”), as purchaser (such subscription agreement, the “Subscription Agreement”). The Transaction was completed in accordance with the terms of the Subscription Agreement and the provisions of a reverse vesting order granted by the Court on October 28, 2024 (the “RVO”).
As part of the Transaction: (a) a new entity, 16483640 Canada Ltd., was incorporated and vested with certain of Loop’s excluded assets, contracts and liabilities; (b) all shares, interests, participation or other equivalents of capital stock or share capital or related rights or interests, among other things, issued by or existing in Loop prior to the closing of the Transaction were cancelled and terminated without consideration; and (c) Loop issued, and Teralta subscribed for and purchased, 1,000,000 new common shares in the capital of Loop. Teralta is now the sole holder of Loop’s share capital. 16483640 Canada Ltd. is expected to be assigned into bankruptcy pursuant to the BIA.
Loop was delisted from the Toronto Stock Exchange effective close of market on September 3, 2024. Loop expects to make an application to cease to be a reporting issuer.
Further information regarding the notice of intention to make a proposal proceeding pursuant to the BIA and documents related thereto, including a copy of the RVO, can be accessed through the website hosted by Crowe MacKay & Company Ltd. in its capacity as proposal trustee of Loop: https://crowemackayco.ca/project/loop-energy-inc/
About Loop Energy Inc.
Loop is a designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop filed a notice of intention to make a proposal under section 50.4 (1) of the BIA on July 17, 2024.
About Teralta Hydrogen Solutions Inc.
Teralta is an innovator in clean hydrogen and e-natural gas production, including the technology and the infrastructure to store and distribute it. Founded in 2021, Teralta’s exclusive access to clean hydrogen and its unique end-to-end business model distinguishes it from any competitor, delivering safe, secure, and profitable clean hydrogen initiatives.
Advisors
Pelorus Law Corporation and Stikeman Elliott LLP acted as counsel to Teralta. Owen Bird Law Corporation and McCarthy Tétrault LLP acted as counsel to Loop. Crowe MacKay & Company Ltd. was Loop’s proposal trustee.
Forward-Looking Information
This press release contains forward-looking statements, including, but not limited to, those relating to Loop ceasing to be a reporting issuer and expectations with respect to the assignment in bankruptcy of 16483640 Canada Ltd.
These statements are based on current expectations as of the date of this press release. These expectations involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks with respect to: receipt of all required regulatory approvals; the anticipated benefits of the Transaction; the outcome of proceeding under the BIA; general economic, business and market conditions; the ability of management to execute its business plan; and actions taken by governmental authorities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Loop as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Loop cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time-to-time. Loop disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Further information regarding Loop is available in the SEDAR+ database (www.sedarplus.ca).
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For More Information:
Simon Pickup, Teralta CEO
PR@teralta.com
www.teralta.com
Crowe MacKay & Company Ltd., in its capacity as proposal trustee of Loop
1100 – 1177 West Hastings Street
Vancouver, British Columbia V6E 4T5
+1 (604) 689-3928
https://crowemackayco.ca/project/loop-energy-inc/
SOURCE Loop Energy Inc.
