Creation Capital completes C$8.4 Million offering

On May 30, 2019, Creation Capital Corporation (“Creation”), announced the completion of its subscription receipt financing for gross proceeds of $8,393,045 (the "Financing"), $890,045 of which was raised on a non-brokered basis, and $7,503,000 of which was raised on a brokered basis conducted by a syndicate of agents led by Beacon Securities Limited (“Beacon”). The Financing was conducted in connection with Creation’s acquisition of PT Biogas Holdings Limited (the "Qualifying Transaction"). Pursuant to the Financing, Creation issued 41,965,225 subscription receipts (the "Subscription Receipts") at a price of $0.20 per Subscription Receipt for gross proceeds of $8,393,045. The gross proceeds of the Financing were deposited into escrow with an escrow agent pending satisfaction of the conditions precedent to the Qualifying Transaction and certain escrow release conditions (the "Escrow Release Conditions"). Upon satisfaction of the Escrow Release Conditions, each Subscription Receipt will be automatically converted, without payment of any additional consideration, into one special warrant of the Company (a "Special Warrant"). Each Special Warrant will automatically convert, without the payment of any additional consideration and without further action on the part of the holder thereof, into one common share of the Company (a "Common Share") and one-half of one common share purchase warrant of the Company (each full warrant, a "Warrant") on the date that is the earlier of: (i) the fifth business day after a receipt for a final prospectus by the securities regulatory authorities in each of the provinces in Canada where the subscription receipts were sold and the special warrants issued, and (ii) the date that is four months and one day following the closing date of the Financing, being October 1, 2019. No Special Warrants may be exercised prior to such date. Each Warrant is exercisable for one Common Share at a price of $0.26 per Common Share for a period of two years from the completion of the Qualifying Transaction. Creation completed the Qualifying Transaction on June 4, 2019 and changed its name to Greenlane Renewables Inc. Fasken advised Beacon, on behalf of a syndicate of agents, with a team including Rubin Rapuch, Matthew Downer and Rachel Charney.