Camana Bay, Cayman Islands, January 31, 2024. Infinitum Energy (“Infinitum“, “iEg“, or the “Company“), a leading climate infrastructure clean energy development company, is pleased to announce that it has completed a redomiciling of the Company from Singapore to the Cayman Islands.
Effective today, Infinitum Energy is a Cayman Islands domiciled company. The Company’s shareholders now own shares on a one-for-one basis in a Cayman Islands exempted company rather than a Singapore-based corporation. The redomiciling to Cayman Islands will have no material impact on how the Company conducts its day-to-day operations.
Transaction Summary:
Pursuant to the Asset Sale Agreement dated January 30, 2024 (the “Agreement”), Infinitum Energy Pte. Ltd. agreed to sell its assets and dispose of its liabilities, and the Company agreed to purchase the assets and acquire the liabilities, on the terms and conditions set out in the Agreement. In effect, Company agreed to assume all assets and liabilities, which included all share issuance commitments on a one-for-one basis.
Lindsay Nagle, Infinitum’s CEO, commented: “We are pleased to have completed the migration of Infinitum to the Cayman Islands as it aligns our corporate domicile more effectively with our senior management team and professional advisors, and it will streamline our efforts to seek liquidity for our shareholders through a listing of the Company’s securities on a U.S.-based stock exchange. Over the long term, as a Cayman Islands domiciled company, we look forward to greater operational flexibility and increased tax certainty, administrative efficiencies, and enhanced prospects for growth and shareholder value creation.”
About Infinitum Energy
Infinitum is a climate infrastructure company specializing in the development of clean energy projects within emerging markets. The Company’s core focuses are high-impact solar, wind, and innovative waste-to-energy projects. Through strategic partnerships with leading financial institutions, the team has executed on 42 clean energy projects spanning 13 countries to date, with investments amounting to over $12 billion. Infinitum’s current development stage projects are located in Sierra Leone and Sri Lanka; with teams actively developing additional projects in Mongolia, Uganda, and Turkey; totalling more than $2.5 billion of expected capital expenditures.
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 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.
