Aduro Clean Technologies Inc. closes transaction with Aduro Energy and fundamental change under Policies of CSE

2 minute read
28 April 2021

On April 28, 2021, Aduro Clean Technologies Inc. (CSE: ACT) (the "Company" or "Aduro Clean Technologies"), formerly Dimension Five Technologies Inc. (CSE: DFT), announced that it had completed its acquisition of all of the issued and outstanding shares of Aduro Energy Inc. ("Aduro Energy") from the securityholders of Aduro Energy, pursuant to a securities exchange agreement dated October 22, 2020, as amended. 

The transaction, which was an arm's length acquisition, constituted a "fundamental change" for the Company under the policies of the Canadian Securities Exchange (the "CSE"). On closing of the transaction, the Company completed a 3:1 consolidation of its issued and outstanding common shares and changed its name to "Aduro Clean Technologies Inc." The Company's shares were approved for re-listing on the CSE and trading in the shares resumed on April 29, 2021.

Following closing of the transaction, the business of the Company is now the business of Aduro Energy which has developed a novel chemical conversion process to transform waste plastics and low-grade renewable oils into renewable fuels and specialty chemicals. The Company believes its green technology is also poised to make bitumen upgrading more environmentally responsible and cost effective.

Gowling WLG advised Aduro Energy with respect to this transaction with a team that included Tom Hunter and John Durdan.


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