Acceleware Offers RF XL Commercial-Scale Pilot Renewal, Announces Unbrokered Private Placement of Units, The Canadian Business Journal

Not intended for distribution to US news wire services or for distribution within the US

CALGARY, Alberta, October 20, 2022 (GLOBE NEWSWIRE) — Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE) today announced the commencement of a commercial-scale heating well refurbishment program Did. RF XL Pilot Project (“Pilot”) in Marwayne, Alberta. The Company is also announcing an unbrokered private placement of its units (“Units”) at a price of $0.27 per Unit and with gross proceeds of up to $2,000,000 (“Private Placement”).

pilot update

As stated in Acceleware’s news release dated July 27, 2022, the company is pleased with the progress of the pilot to date and based on current observations, RF XL is expected to decarbonize heavy oil. We are confident that it will become viable as an important technology for oil sands production. As previously disclosed, the fiber optic distributed temperature sensing (DTS) system in the heating well was damaged during maintenance work on the pilot. Although not a core component of the RF XL technology itself, DTS is important for data acquisition and power regulation to ensure that the system operates within specified parameters. The DTS must be removed from the well, inspected and repaired. In conjunction with DTS repairs, we take the opportunity to remove and inspect specific downhole components of the RF XL system to gain valuable information on the initial performance of the RF power transfer system.

After incorporating reviews and input from industry partners, Acceleware developed a refurbishment plan, procured replacement parts, secured service vendors, and began the refurbishment. Heating operations and further testing will resume once the refurbishment is complete.

RF XL has demonstrated the potential to be a low-cost, low-carbon development solution for all heavy oil and oil sands producers, regardless of size or stage of development. RF XL eliminates the need for costly steam generation, water treatment, and water treatment plants, while saving large amounts of stranded resources that are currently uneconomical for producers to produce using conventional methods. allow access. More importantly, RF XL is expected to increase recoveries in existing wells, significantly improving reserves value and near-term cash flow for producers. Using RF XL in combination with clean electricity will enable producers to develop near-zero carbon emissions resources, reducing emissions for decades and lowering carbon taxes for our customers. Saves.

CEO Jeff Clark said: We know the RF XL has the potential to be a game changer for the industry, so we are working as hard and fast as possible to get it back up and running at higher power levels as soon as possible. ”

The pilot project team plans to proceed with further RF XL testing immediately after workover. Knowledge gained from operations is expected to lead to additional IP that may further improve the design, performance and economics of RF XL and CTI in the future.

Acceleware’s Marwayne Pilot is supported by government agencies, including the Government of Alberta through Emissions Reduction Alberta and Alberta Innovates, Broadview Energy and three major oil sands partners.

Details of the private placement

Each unit consists of (i) one share of common stock; (ii) One Common Stock Purchase Warrant. Each common stock purchase warrant entitles its holder to acquire one share of Acceleware’s common stock for a period of 24 months from the date of issuance for $0.36. If the Common Stock trades at a closing price of $0.81 or more per common share over 30 consecutive trading days, Acceleware may accelerate the expiration date of the Common Stock Purchase Warrant by providing notice to holders. . In such event, the Common Stock Purchase Warrant will expire 30 days after the date of notice by Acceleware.

Acceleware intends to use the net proceeds of the private placement for part of the pilot’s renovations and for general corporate purposes. Additionally, most of our funding partners have committed or committed to accelerate funding to support the renovation work.

Purchasers of Units are subject to a four month hold period in accordance with securities laws.

Acceleware expects certain insiders to participate in private placements. This makes the private placement a related party transaction within the meaning of Multilateral Agreement 61-101. Protection of Minority Shareholders in Special TransactionsAcceleware intends to rely on the valuation and waiver of minority shareholder approval requirements in its deeds.

About Accelware

Accelware (www.acceleware.com) is an innovator in clean technology decarbonization technology consisting of two business units: radio frequency (RF) heating technology and seismic imaging software.

Acceleware is piloting RF XL, a patented 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 that the electrification of heavy oil and oil sands production is enabled by the RF XL, supporting the transition to cleaner energy production that can rapidly bend the emissions curve downwards. Additionally, Acceleware’s RF XL technology eliminates the greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. The RF XL is waterless, solventless, has a small footprint, can be redeployed from site to site, and can be applied to many types of reservoirs.

Acceleware partners with the Saa Dene Group (co-founded by Jim Boucher) to Axelware | Kisteve Increase the visibility, adoption and value of Acceleware technology. The partnership’s shared vision is to improve the environmental and economic performance of the energy sector by supporting ideals important to indigenous peoples, such as respect for land, water and clean air.

Our seismic imaging software solutions are state-of-the-art in high-fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geology. Acceleware is a public company listed on his TSX Venture Exchange in Canada under the trading symbol “AXE”.

Disclaimer

This press release contains “forward-looking information” within the meaning of the securities laws. Forward-looking information generally means information that is forward-looking in nature regarding an issuer’s business, capital or operations, including disclosures about the issuer’s future financial performance or condition.

Forward-looking information in this press release, identified by the words “expects,” “intends,” and derivatives thereof, includes information regarding the benefits of RF XL, future operations of the pilot, and insider participation in private placements. will be , the use of the proceeds of the proposed private placement, and the intent of the funding partners to support the renovation project with accelerated financing.

Actual results may differ from the forward-looking information in this press release due to certain important risk factors. These risk factors are detailed in Acceleware’s Continuous Disclosure Document. www.sedar.com.

Acceleware does not undertake any obligation to update or revise any forward-looking information in this press release, except as required by securities laws.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

For more information:
Jeff Clarke, CEO
Phone: +1 (403) 249-9099
[email protected]

Accelware Co., Ltd.
435 10^th Avenue SE
Calgary, AB, T2G 0W3 Canada
Phone: +1 (403) 249-9099
www.acceleware.com

CBJ Newsmaker