Renewable Natural Gas Infrastructure

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EverGen Infrastructure Corp. Announces Private Placement of Common Shares and Entering Into of Share Purchase and Reorganization Agreement
Globenewswireยท 2025-04-23 14:09
Core Viewpoint - EverGen Infrastructure Corp has entered into a share purchase and reorganization agreement with Ask America, LLC, which includes a private placement of common shares expected to raise up to CAD$7,000,000 [1][2]. Private Placement - The private placement will involve the issuance of up to 11,666,667 common shares at a price of CAD$0.60 per share, with Ask America agreeing to purchase 8,333,333 shares for CAD$5,000,000 [2]. - A deposit of CAD$1,800,000 has already been paid by the Purchaser, with the remaining CAD$3,200,000 due at closing [2]. - The proceeds from the private placement will be used for working capital and general corporate purposes [2]. Change of Management - Concurrent with the private placement, a majority of the current executive officers and directors will resign, and a new management team will be appointed, including Chase Edgelow as CEO and Ron Green as COO [3]. - The new board will consist of Chase Edgelow, Varun Anand, Blake Almond, and Mischa Zajtmann, marking a significant change in management structure [3]. Management Team Background - Chase Edgelow brings 20 years of experience in energy and infrastructure, previously serving as co-founder and CEO of EverGen [6]. - Ron Green has over 30 years of experience in the energy and infrastructure sectors, with a proven track record in operational excellence [7][8]. - Sean Hennessy, the new CFO, has over 15 years of finance experience in clean energy and infrastructure [9]. - Varun Anand has over a decade of investment experience, particularly in renewable energy [10]. - Blake Almond has 17 years of experience in M&A and capital markets, focusing on circular economy infrastructure [11]. - Mischa Zajtmann, a co-founder of EverGen, has extensive experience in corporate securities and M&A [12]. Corporate Strategy - The company aims to enhance shareholder value through operational excellence, cost optimization, and strategic growth following the private placement and management changes [13][14][15]. - Immediate focus will be on maximizing returns through performance-driven systems and accountability frameworks [13]. Shareholder and Regulatory Approvals - The completion of the private placement and management changes is subject to approval from the TSX Venture Exchange and consent from disinterested shareholders holding more than 50% of common shares [16][17]. Company Overview - EverGen Infrastructure Corp is a Canadian renewable natural gas infrastructure platform focused on combating climate change and promoting sustainable energy solutions [18].