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Be the first with the news that moves the market- Canadian Nexus Team Ventures Corp. (TEAM) is investing in an advanced energy and environmental technology company, AdvEn Industries Inc
- Nexus Team has paid $1 million to own up to 4.85 per cent of the issued and outstanding shares of AdvEn
- AdvEN is expected to seek a NASDAQ listing in 2022 by way of a business combination with Nano Innovations Inc
- Before closing, AdvEn will spinout two unique technologies, carbon fibre and bitumen solidification technologies
- Canadian Nexus Team Ventures Corp. (TEAM) is unchanged trading at $0.07 per share as of 1:42 p.m. EST
Canadian Nexus Team Ventures Corp. (TEAM) is investing in an advanced energy and environmental technology company, AdvEn Industries Inc.
Nexus Team has paid $1 million to own up to 4.85 per cent of the issued and outstanding shares of AdvEn.
It will have the option to appoint a director to the board of AdvEn.
AdvEN is expected to seek a NASDAQ listing in 2022 by way of a business combination with Nano Innovations Inc.
Before closing, AdvEn will spinout two unique technologies.
The first is a carbon fibre technology, through Tangold Inc.
The second is a bitumen solidification technology, through AdvEn Bitumen Innovation Inc.
AdvEn intends to distribute Tangold and Bitumen shares to shareholders through a special dividend pari pasu which will include Nexus Team.
Nexus Team and other strategic shareholders are expected to be granted restricted stock units in Tangold and Bitumen.
AdvEn and its shareholders have entered into a share exchange agreement with a private B.C. company Nano.
With this agreement, AdvEn shareholders have agreed to exchange all the issued and outstanding shares with Nano on a one-to-one basis.
Nano is currently closing a convertible note bridge financing of US$5-7 million as a pre-IPO round.
After closing the transactions, Nexus Team will hold 3.645 per cent of the issued and outstanding shares of Nano.
AdvEn takes refinery residues and bitumen from Alberta Oil producers and turns them into non-combustible raw materials for the global electrical energy market.
Nexus Team is an investment issuer that invests in a portfolio of early-stage to mid-level companies and projects.
Canadian Nexus Team Ventures Corp. (TEAM) is unchanged trading at $0.07 per share as of 1:42 p.m. EST.
