MONTREAL, QUEBEC--(Marketwired - April 11, 2014) - Earth Alive Clean Technologies Inc. ("Earth Alive" or the "Corporation") is pleased to announce that it has completed today its previously announced transactions, including a private placement and reverse take-over of Treegenic Gold Corporation (the "Transactions"). Reference should be made to Treegenic Gold Corporation's press release of December 24, 2013 for further details on the Transactions.
About the Transactions
The amalgamation with Treegenic Gold Corporation ("Treegenic") occurred on April 10, 2014 at which time the former holders of the amalgamating companies became shareholders of Earth Alive and received Class A common shares on a one-for-one basis.
Concurrent with the amalgamation, Earth Alive completed a private placement raising total gross proceeds of $ 1,393,500, through the issuance of 13,935,500 Class A common shares at a price of $0.10 per share (the "Offering") of which a tranche was brokered by Jones, Gable & Company Limited (the "Agent"). The Agent received a cash compensation equal to 8% of the gross proceeds of the Offering and Agent's options equal to 10% of the number of shares subscribed for pursuant to the Offering.
All subscribers in the Offering were arm's-length accredited investors. The proceeds from the Offering will be used for the development of the Earth Alive business and working capital.
Stock Option Grant
The Board of Directors has approved the grant of an aggregate of 4,150,000 stock options to be distributed among directors, officers and consultants of the Corporation under the terms of the Corporation's Stock Option Plan, each option being exercisable at $0.10 per share for a period of five years.
Further information, including the composition of the new board of directors and officers of the Corporation, will be provided in a subsequent press release once the listing on CSE is effective.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Earth Alive believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Earth Alive disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
About Earth Alive
Earth Alive is engaged in the business of developing, manufacturing, selling and marketing, of a variety of state-of-the-art microbial technology based products and other related offerings.
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.