Northstar Clean Technologies announced this week that it has closed the second and final tranche of a previously announced private placement.
Northstar is an Alberta-born waste-to-value technology company focused on the sustainable recovery and reprocessing of asphalt shingles.
The Calgary innovator developed a proprietary design process for taking discarded asphalt shingles, otherwise headed to landfills, and extracts the liquid asphalt for use in new hot mix asphalt shingle manufacturing and asphalt flat roof systems while also extracting aggregate and fibre for use in construction products and other industrial applications.
Northstar’s US$10,000,000 non-brokered placement of unsecured convertible debentures, each with a five-year term, resulted in gross proceeds of US$1M.
The Canadian cleantech company intends to use the net proceeds of Tranche 2 of the Private Placement for “working capital requirements and other general corporate purposes.”
Northstar counts The City of Calgary among its customers. The City and Northstar collaborate on the collection, inspection, and contaminant removal of loads diverted from the City’s Waste Management Facilities to the Empower Calgary Facility.
Northstar’s Empower Calgary facility is the first commercial-scale asphalt shingle recovery operation in North America.
Using the firm’s patented Bitumen Extraction & Separation Technology, the facility can process up to 80,000 tonnes of discarded shingles annually on a two-shift basis, recovering liquid asphalt, aggregate, fibre, and limestone for reuse in new paving, roofing, and other construction materials.
“We believe the high quality of our asphalt will continue to provide significant differentiation for Northstar in the global marketplace,” chief executive officer Aidan Mills remarked last year, adding “Northstar continues to demonstrate an economically viable solution for the reprocessing of waste asphalt shingles and its involvement with landfill diversion objectives set by industry and municipalities alike.”
The Alberta innovator trades on the TSX Venture Exchange under the ticker ROOF.
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