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Acceleware has announced a second non-mediated private placement of 10% unsecured convertible bonds. CanadianBusinessJournal

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Calgary, Alberta, March 23, 2022 (GLOBE NEWSWIRE) — Acceleware Ltd. (“Acceleware”) (TSXV: AX) today announced that it is a clean technology innovator in Canada’s radio frequency (RF) heating technology, due to strong investor demand. By 2026, we will begin a second non-intermediary private placement of 10% unsecured convertible bonds (“Second Corporate Bonds”). The total income is about $ 1,000,000 (“second private placement”). For more information on the first private placement, please see the Acceleware press release dated March 1, 2022.

Details of the second private placement

Each second bond matures four years after issuance and can be converted to Acceleware units at a conversion price of $ 0.80. If Acceleware subsequently sells common stock (or securities that can be converted or exchanged for common stock) at a lower purchase (or conversion) price, the conversion price of the second bond will be lowered to the subsequent purchase (or conversion) price. It will be fixed. Subject to the minimum conversion price of $ 0.72 and other applicable policies on the TSX Venture Exchange, the second bondholder must convert the second bond within 15 days of the announcement of the next offering. In addition, four months after the issuance date of the second bond, but before the due date of the second bond, Acceleware, in its sole discretion, requires the conversion of the second bond to common stock in the following cases: I have the right. At any time, the 30-day volume-weighted average trading price of common stock on the TSX Venture Exchange will be above $ 1.04 subject to TSX Venture Exchange review and approval at the time of exercise.

Each unit consists of one common stock and half of one common stock purchase warrant. Each stock subscription right grants the holder the right to acquire one share of common stock at an exercise price equal to 200% of the conversion price of the second bond for 24 months after the distribution of the second bond.

Acceleware plans to close the second private placement by April 15, 2022, and will use the net income of the second private placement to fund further development and testing of Acceleware’s RF heating technologies (RFXL and CleanTech Inverter). Will be provided. General corporate purpose. Buyers of the second bond are subject to a four-month holding period in accordance with the Securities Act.

Acceleware is in the process of a second private placement with great interest from current shareholders, suppliers, vendors and consultants. Acceleware expects certain insiders to participate in a second private placement. This could result in a second private placement being a related party transaction in the sense of Multilateral Instrument 61-101. Protection of minority securities holders in special transactions.. Acceleware will rely on the evaluation of its products and exemptions from minority shareholder approval requirements.

About Acceleware

Acceleware (www.acceleware.com) is an innovator in clean technology oil and gas technology, consisting of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.

Acceleware is developing RF XL. This is a patented and patent-pending low-cost, low-carbon production technology for heavy oil and oil sands that is significantly different from the heavy oil recovery technology currently in use. Acceleware’s vision is to enable the electrification of heavy oil and oil sands production via RF XL and support the transition to much cleaner energy production that can quickly bend the emission curve downwards. In addition, Acceleware’s RF XL technology is key to an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether fossil fuels or future clean bitumen. It can be a component. By-products such as petrochemicals, carbon fiber and blue or green hydrogen production. RF XL is water-free, solvent-free, has a small physical footprint, can be relocated between sites, and can be applied to different types of reservoirs. No tailing pond is required for shallow oil sands implementations. Acceleware is currently conducting a commercial pilot test of RF XL technology in Marwayne, Alberta, verifying RF XL’s technical capabilities, economic feasibility, and potential decarbonization of heavy oil and oil sands production. The purpose is to do.

Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware. Kisâstwêw enhances the profile, adoption and value of Acceleware technology. The common vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting important ideals for indigenous peoples, such as respect for land, water and clean air.

Acceleware’s seismic imaging software solution is a state-of-the-art technology for high-fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geographies. Acceleware is a public company listed on the TSX Venture Exchange in Canada under the trading code “AXE”.

Disclaimer

This press release contains “forward-looking information” in the sense of securities law. Forward-looking information generally means information about the issuer’s business, capital, or operations, including disclosures about the issuer’s expected financial performance or financial position.

Information about the future outlook for this press release can be identified by “expected,” “intended,” and their derivatives, regarding insider participation in the second private placement and the proposed use of the second private placement revenue. Contains information. Placement.

Actual results may differ from the forward-looking information in this press release due to certain significant risk factors. These risk factors are explained in detail in Acceleware’s ongoing disclosure document filed with SEDAR. www.sedar.com..

Acceleware undertakes no obligation to update or revise any forward-looking information in this press release, except as required by securities law.

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

For more information:
CEO Jeff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com

Acceleware Ltd.
435 10th Avenue SE
Calgary, Alberta, T2G0W3 Canada
Tel: +1 (403) 249-9099
www.acceleware.com


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Acceleware has announced a second non-mediated private placement of 10% unsecured convertible bonds. CanadianBusinessJournal

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