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Canadian Premium Sand Inc. Announces Conclusion of Warrant Exercise and Fiscal Year End 2024 Results
CPSCooper Standard(CPS) GlobeNewswire·2025-01-10 16:27

Financial Performance and Strategic Developments - The company concluded its warrant exercise and reported its fiscal year-end 2024 financial results, with audited financial statements and Management's Discussion and Analysis available under its SEDAR+ profile [1] - In 2024, the company invested 0.52milliontoadvanceitsSelkirkProjectanddiscussionswithapotentialstrategicpartnerfortheUSProject,aimingtoproduceapproximately10GWperyearofpatternsolarglass[2]−Thecompany′slargeshareholders,boardmembers,andmanagementexercised9,206,404warrantsat0.52 million to advance its Selkirk Project and discussions with a potential strategic partner for the US Project, aiming to produce approximately 10GW per year of pattern solar glass [2] - The company's large shareholders, board members, and management exercised 9,206,404 warrants at 0.40 per warrant, generating 3,682,562ingrosscashproceeds,whichwillsupporttheadvancementofitssolarglassmanufacturingprojects[5]−Ofthe32,100,000warrantsissuedin2022,14,811,496wereexercised,andtheremaining17,288,504expiredonDecember31,2024[6]ManufacturingCapacityandStrategicVision−ThecompanyisdevelopingNorthAmericanmanufacturingcapacityforultra−high−claritypatternsolarglass,utilizinghigh−puritylow−ironsilicasandfromitsWanipigowquarryleases[3]−TheSelkirkProjectwillproduce6GWoflow−carbonsolarglassusingrenewableManitobahydroelectricity,whiletheUSProjectwillproduce4GWofdomesticsolarglass,positioningthecompanyasthelargestandpreferredsupplierinNorthAmerica[3]−Thecompanyhasestablishedabroaderstrategicvisiontosupplybothlow−carbonproductsfromtheSelkirkProjectandUS−manufacturedproductsfromtheUSProject[2]FinancialSupportandPartnerships−Thecompanyreceivedfinancialsupporttotaling3,682,562 in gross cash proceeds, which will support the advancement of its solar glass manufacturing projects [5] - Of the 32,100,000 warrants issued in 2022, 14,811,496 were exercised, and the remaining 17,288,504 expired on December 31, 2024 [6] Manufacturing Capacity and Strategic Vision - The company is developing North American manufacturing capacity for ultra-high-clarity pattern solar glass, utilizing high-purity low-iron silica sand from its Wanipigow quarry leases [3] - The Selkirk Project will produce 6GW of low-carbon solar glass using renewable Manitoba hydroelectricity, while the US Project will produce 4GW of domestic solar glass, positioning the company as the largest and preferred supplier in North America [3] - The company has established a broader strategic vision to supply both low-carbon products from the Selkirk Project and US-manufactured products from the US Project [2] Financial Support and Partnerships - The company received financial support totaling 272 million from the Province of Manitoba and the Government of Canada for the Selkirk Project, including a 100millionnon−dilutivefinancialsupportapplicationcurrentlyintheduediligencephase[8]−DiscussionswereheldwithManitoba−basedindigenousgroupsforpotentialinvestmentparticipationofupto100 million non-dilutive financial support application currently in the due diligence phase [8] - Discussions were held with Manitoba-based indigenous groups for potential investment participation of up to 100 million in the Selkirk Project through the federal Indigenous Loan Guarantee Program [8] - The company is working towards formalizing $72 million in financial support from the Province of Manitoba for the Selkirk Project [8] - A site in the US was selected to repurpose a former glass manufacturing facility for the US Project, with a potential strategic partner, and a wholly owned US subsidiary was established to apply for a tax credit with the U.S. Department of Energy [8] Market Positioning and Customer Engagement - The company is advancing conversations with customers related to the supply of pattern solar glass from both the Selkirk and US Projects [8] - With a proposed annual manufacturing capacity of 10GW, the company is well-positioned to become the largest and preferred supplier of pattern solar glass in North America [3]