Trading symbol: CST
Outstanding shares: 50,261,136
Funding to Accelerate Efforts Towards Commercial Deployment of
Proprietary Carbon Capture Technology
QUEBEC CITY, June 5 /CNW Telbec/ - CO2 Solution Inc. ("CO2 Solution") announces that it has successfully completed a $2,321,400 private placement according to the terms disclosed in a press release issued on April 17th, 2008. Mssrs. Martin P. Pelletier, Normand Voyer, Jocelyn Proteau and Glenn R. Kelly, all Directors and/or Insiders of CO2 Solution Inc. also participated in the financing. The net proceeds of the financing will be used for general operating and working capital purposes, including business development activities towards the commercialization of the Company's technology.
Commenting on the financing, Normand Voyer, Interim President & CEO of CO2 Solution said, "We are very pleased to have completed this significant financing, which we believe demonstrates the confidence of our investors in the ability of our technology to address an urgent need for an efficient solution for large scale carbon capture. We will immediately put this new funding to work to accelerate key efforts towards its commercialization and related business development activities. This financing will help propel CO2 Solution from R&D to commercial deployment".
Commenting on their investment, Robert Manherz, President of lead investor Dundurn Capital Partners stated, "We are excited to make this investment at what we believe is an inflection point in the Company's development. We believe the global market for low-cost carbon capture is very large, and that CO2 Solution is well positioned to capitalize on this opportunity with a breakthrough, potentially disruptive technology. When you consider that the climate change solutions segment is expected to outperform, we believe that CO2 Solution is holding great potential to provide a substantial solution to mitigating global warming".
All shares issued will be subject to a four-month resale restriction, and the warrants will be exercisable until May 30th, 2010. This offering remains subject to the approval of the regulators.
About CO2 Solution
CO2 Solution Inc. has developed a proprietary bio-technological platform for the efficient capture of carbon dioxide (CO2), the most important greenhouse gas (GHG. The Company's technology platform exploits the natural power of a bio-catalyst (enzyme), carbonic anhydrase, which functions within humans and other mammals to manage CO2 during respiration. CO2 Solution has successfully adapted the enzyme to function within an industrial environment, and thus has taken advantage of a biomimetic approach based on millions of years of evolution. The Company is commercializing its technology for coal fired power generation, the oil sands and other CO2-intensive industries where a low- cost capture solution is key to meeting climate change legislation in a cost effective manner.
News releases and additional information are available at www.co2solution.com.
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