VANCOUVER, BC / ACCESSWIRE / November 18, 2022 / Infinitum Energy Pte. Ltd. (“Infinitum“, “iEg“, or the “Company“) is pleased to announce it has closed a non-brokered private placement for gross proceeds of $7,500,000 priced at $0.75 per Common Share. The private placement was fully subscribed by eWealthTech LLC (“eWealthTech“), through their wholly owned US-based subsidiary, MyTC Corporation (“MyTC“).
Pursuant to significant interest, the Company announces that it is arranging a follow-on non-brokered private placement financing for up to $2,500,000, also priced at $0.75 per Common Share, targeting close prior to December 15, 2022.
Mr. Lindsay Nagle, CEO of Infinitum, commented: “We are very pleased to have MyTC as an equity partner going forward, as their ESG-focused experience as a leading-edge impact investor aligns very well with iEg’s overall development strategy creating significant impact focused on non-OECD countries.”
Mr. Mru Patel, Founder and CEO of eWealthTech and MyTC, additionally commented: “We are delighted to welcome Infinitum into our ecosystem as a cornerstone portfolio investment and value-add partnership. We believe that many of the current environmental and social problems can be solved today rather than tomorrow, and together we’re able to focus on creating clean energy solutions and carbon offsets that could have a significant benefit for our planet and potentially improve the lives of millions of people.”
About eWealthTech LLC and MyTC Corporation
MyTC, a Wyoming-based corporation, is a wholly owned subsidiary of eWealthTech. eWealthTech is developing an ecosystem for wealth creation consisting of carbon negative ESG certified companies and projects, targeting sustainable human co-existence with our environment, financial inclusion, wealth creation and social impact. Investment commitments include: an incubator hub for start-ups; environmental projects related to sustainable energy, water, food, carbon credits, and social impact. eWealthTech’s social impact and financial inclusion projects include: a carbon credit exchange, waste to energy, energy reduction technology, a challenger bank, tokenization of real-world assets including minerals and energy extraction, art, music, movies; and a disruptive ads platform creating social impact through community.
For further information on eWealthTech, please visit https://www.ewealthtech.com
About Infinitum Energy Pte. Ltd.
Infinitum is a Singapore-based climate infrastructure company focused on emerging market clean-energy project development. The team’s prior experience includes more than $12B of clean energy project development over their respective careers, previously focused on wind and solar project development and operation. The team has come together around Infinitum, using existing and proven waste-to-energy, wind, and solar technologies, supported by a world-class project finance syndicate and development bank project underwriting, creating the potential for low-risk investment with emerging market returns. The Company’s five lead projects are located in Sierra Leone, Uganda, Turkey, Mongolia, and Sri Lanka totalling more than $2.5B of potential capital expenditures currently under development (pre-financial close).
For further information on the Company, please visit https://www.infinitumenergygroup.com
ON BEHALF OF THE BOARD
“Lindsay Nagle”
Director & CEO
For more information contact:
Jeremy Wright, Director & CFO
+1 (604) 837-7990
[email protected]
Unless otherwise denoted, all currencies are denominated in United States of America Dollars.
This news release may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements.
This news release may contain forward-looking statements and information concerning the Company; and includes its wholly owned subsidiaries.
The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of new project development, the accuracy of information provided by new investors during the Company’s “know your investor” and AML reviews, the continued ability to access capital through equity offerings to support the Company’s ongoing operations, and other factors that affect demand for the Company’s products.
Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company’s actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to a Company project successfully completing a financial close, being able to generate carbon credits, expenditures and other factors that affect demand for the Company’s products, industry competition, uncertainties as to the Company’s ability to implement its business strategy effectively on a global basis, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, political and economic conditions and the Company’s ability to attract and retain key personnel.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether, as a result of new information, future events or otherwise, except as required by law.
