Clear Blue (TSXV:CBLU) closes oversubscribed $2.5 million private placement

• Clear Blue Technologies International (CBLU) has closed a non-brokered private placement
• The company raised gross proceeds of C$1,294,420 under the second tranche after raising C$1,269,667 under the first tranche which closed in December 2022
• Gross proceeds raised under the offering total $2,564,086, exceeding the company’s target of $2,500,000
• Clear Blue has also issued 1,200,000 stock options to management and employees of the company
• Clear Blue Technologies International delivers clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power
• Clear Blue Technologies International Inc opened trading at $0.085

Clear Blue Technologies International (CBLU) has closed a non-brokered private placement.

Under the second tranche of the offering, the company raised C$1,294,420 after raising C$1,269,667 in the first tranche, which closed in December 2022.

Gross proceeds raised under the offering total $2,564,086, exceeding the company’s target of $2,500,000.

The total number of shares and warrants issued were 36,629,805 and 36,629,805, respectively.

The second tranche adds four new institutional investors to Clear Blue’s investor base, including Pegroco Invest AB, an investment company that separately sold its 49-per-cent stake in eSite to Clear Blue.

The purchase of eSite was financed by issuing 3,000,000 Clear Blue common shares to eSite Power Systems’ shareholders, including Pegroco, on a cash-free, debt-free basis.

Pegroco and other Swedish investors contributed $762,500 to the second tranche, and certain members of Clear Blue’s management and board of directors invested $599,871 in the first tranche.

Consequently, insider ownership has risen from 16 per cent to 22 per cent of Clear Blue’s outstanding shares. Pegroco will own just under 9 per cent of the basic shares outstanding of Clear Blue and is also guaranteeing certain vendor commitments by eSite through 2023.

The company intends to use the proceeds from the private placement for sales, marketing, research and development, and working capital requirements.

Clear Blue has also issued 1,200,000 stock options to certain management and employees of the company at the exercise price on the options is $0.08.

Clear Blue Technologies International delivers clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power.

Clear Blue Technologies International Inc. opened trading at $0.085.