ABCT raises $3.61 million for Alberta based clean energy projects
Calgary, Alberta--(Newsfile Corp. - December 3, 2018) - Alberta Clean Technologies (VCC) Ltd. (ABCT), today announced the successful closing of its first round of venture capital financing for $3.61 million in ABCT Common Shares at $1.00 per share by way of a non-brokered private placement. The funds will be used to invest in Alberta based clean energy technology companies with proprietary technologies, products and processes under the Investing in a Diversified Alberta Act.
Individual investors resident in Alberta receive the 30% Alberta Investment Tax Credit (AITC) for the first $200,000 invested annually up to a 5 year maximum of $1 million, which can be applied to reduce taxes payable or taken as a cash refund if no taxes are payable. The investment also qualifies for an RSP, RRIF or TFSA. Corporate investors resident in Alberta may use the AITC to reduce taxes payable with no specified maximum, but cannot receive a cash refund. All investors qualified under NI 45-106 prospectus exemptions.
Unlike the "blind pool" approach taken by most other VCCs, ABCT has carefully selected its target investments prior to raising funds by focusing on teams and technologies with which ABCT management has a deep familiarity to ensure the best opportunities for success while minimizing risk. ABCT deploys a flat organizational structure, led by its board of directors, to minimize costs and identify high growth investments.
Please see www.abct.ca for more information.
About Alberta Clean Technologies (VCC) Ltd.
Alberta Clean Technologies (VCC) Ltd. (ABCT) was founded in June 2018 as a venture capital corporation (VCC) under the Investing in a Diversified Alberta Act. ABCT provides capital to Alberta small businesses doing research, development or commercialization of proprietary clean energy technologies, products or processes. ABCT is not a reporting issuer in any jurisdiction. Investors may not be able to transfer their shares until 4 months after ABCT becomes a reporting issuer, or pursuant to a further exemption under applicable securities laws.
This press release is for information purposes only. It is not, and under no circumstances should be construed as, a solicitation or invitation to purchase, or advertisement for ABCT Common Shares. No securities regulatory authority in Canada has assessed the merits of the ABCT Common Shares or reviewed this press release. Any representation to the contrary is an offence.