Green Equity - October 22, 2024
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
Abaxx Technologies (ABXX) has announced a strategic financing deal in which an (unnamed) strategic investor will purchase 215,000 common shares at C$13.00 per share, raising a total of C$2.795 million. The proceeds will support general corporate needs, ongoing operations, and regulatory requirements for Abaxx's commodity exchange and clearinghouse.
Nickel 28 Capital (NKL.V) announced the receipt of a cash distribution of approximately US$4.0 million from its 8.56% interest in the Ramu Nickel-Cobalt project in Papua New Guinea for the first half of 2024. Additionally, US$7.5 million of Nickel 28's portion of the project construction debt was repaid, reducing its outstanding balance to US$37.7 million. The distribution is expected to be received in October 2024.
EMX Royalty (EMX) has entered into an exploration and option agreement with Alpha Future Funds for the sale of its Gumsberg polymetallic project in Sweden. Under the agreement, EMX will receive an initial cash payment of $100,000 and work commitments from Alpha during a one-year option period. If Alpha exercises the option, EMX will receive deferred payments, advance royalty payments, milestone payments, and a 2% net smelter return (NSR) royalty.
National Bank has raised its price target for GFL Environmental (GFL) from C$60 to C$66, while maintaining an Outperform rating on the stock.
Earth Alive Clean Technologies (EAC.V) has filed a Notice of Intention to Make a Proposal (NOI) under Canada's Bankruptcy and Insolvency Act to create a stable environment for a sale or investment solicitation process (SISP). Raymond Chabot Inc. has been appointed as the proposal trustee. In conjunction with the NOI, Earth Alive secured C$1.72 million in interim financing from a group of lenders, including directors Erik Bomans and Nikolaos Sofronis, to maintain operations during the process. While not bankrupt, Earth Alive faces a cease trade order (CTO) on its shares, and their future trading status is uncertain.
New Public Listings
DevvStream Holdings (DESG) announced progress on its business combination with Focus Impact Acquisition Corp, expected to close by October 31, 2024. The merger will result in DevvStream becoming the first publicly traded carbon streaming company on a major U.S. exchange, listed on Nasdaq under the ticker "DEVS."