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CALGARY, Alberta, Oct. 20, 2022 (GLOBE NEWSWIRE) — Acceleware Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), at this time proclaims the graduation of the heating nicely workover program at its commercial-scale RF XL pilot mission at Marwayne, Alberta (the “Pilot”). The Company can be asserting a non-brokered non-public placement of models of the Company (the “Units”), at a worth of $0.27 per unit, for gross proceeds of as much as $2,000,000 (the “Private Placement”).
Pilot Update
As famous in Acceleware’s information launch dated July 27, 2022, the Company is happy with progress on the Pilot up to now, and primarily based on present observations, stays assured that RF XL will change into viable as a important expertise within the effort to decarbonize heavy oil and oil sands manufacturing. As beforehand disclosed the fibre optic distributed temperature sensing (DTS) system within the heating nicely was broken throughout a upkeep operation on the Pilot. Though not a core element of the RF XL expertise itself, the DTS is vital to knowledge gathering and energy regulation to make sure the system operates inside specified parameters. The DTS will must be faraway from the nicely, inspected and repaired. In conjunction with restore of the DTS, the Company will take the chance to take away and examine sure downhole elements of the RF XL system, with a purpose to achieve useful info concerning the preliminary efficiency of the RF energy transmission system.
Acceleware has now commenced the workover, after creating a workover plan with assessment and enter from trade companions, sourcing substitute elements, and securing service distributors. Upon completion of the workover, heating operations and additional testing are anticipated to renew.
RF XL has demonstrated sturdy potential to change into a low price, low carbon growth answer for all heavy oil and oil sands producers, no matter their measurement and stage of growth. RF XL would get rid of the necessity for high-cost steam technology, water therapy and water dealing with services, whereas additionally permitting producers to entry a major quantity of stranded useful resource that’s presently uneconomic to supply utilizing standard strategies. More importantly, RF XL is predicted to extend restoration components for current wells, which might materially improve a producer’s reserve worth and close to time period money move. When used along with clear electrical energy, RF XL would enable producers to develop their useful resource with close to zero carbon emissions, which might result in a long time of emissions reductions and carbon tax financial savings for our clients.
CEO Geoff Clark says, “We are pleased to have our DTS repair plan underway and remain hyper-focused on the RF XL Pilot success. We know that RF XL could be an industry game changer, so we are working as hard and as quickly as we can to get it back up and running at higher power levels as soon as possible.”
The Pilot mission group will transfer ahead on furthering RF XL testing instantly after the workover. Learnings from the operation are anticipated to lead to extra IP that would additional refine RF XL and the CTI design, efficiency, and economics sooner or later.
Acceleware’s Marwayne Pilot is supported by authorities businesses together with the Government of Alberta by Emissions Reduction Alberta and Alberta Innovates, Broadview Energy, in addition to three main oil sands companions.
Details of the Private Placement
Each Unit will include (i) one widespread share; and (ii) one widespread share buy warrant. Each widespread share buy warrant will entitle the holder thereof to accumulate one (1) widespread share of Acceleware at $0.36 for a 24-month interval from the date of issuance. In the occasion that the widespread shares commerce at a closing worth at or better than $0.81 per widespread share for a interval of thirty (30) consecutive buying and selling days, Acceleware could speed up the expiry date of the widespread share buy warrants by giving discover to the holders thereof, and in such case, the widespread share buy warrants will expire on the thirtieth day after the date on which such discover is given by Acceleware.
Acceleware intends to make use of the web proceeds of the Private Placement to fund a portion of the Pilot workover and for common company functions. In addition, the vast majority of the Company’s funding companions have dedicated to or indicated they intend to help the workover operation with accelerated funding.
Purchasers of the Units will likely be topic to a four-month maintain interval in accordance with securities laws.
Acceleware expects sure insiders to take part within the Private Placement, which can make the Private Placement a associated get together transaction throughout the that means of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Acceleware intends to depend on the exemptions from the valuation and minority shareholder approval necessities in that instrument.
About Acceleware
Acceleware (www.acceleware.com) is an innovator of clean-tech decarbonization applied sciences comprised of two business models: Radio Frequency (RF) Heating Technology and Seismic Imaging Software.
Acceleware is piloting RF XL, its patented low-cost, low-carbon manufacturing expertise for heavy oil and oil sands that’s materially totally different from any heavy oil restoration approach used at this time. Acceleware’s imaginative and prescient is that electrification of heavy oil and oil sands manufacturing could be made attainable by RF XL, supporting a transition to a lot cleaner power manufacturing that may shortly bend the emissions curve downward. Further, Acceleware’s RF XL expertise might get rid of greenhouse fuel (GHG) emissions related to heavy oil and oil sands manufacturing. RF XL makes use of no water, requires no solvent, has a small bodily footprint, could be redeployed from web site to web site, and could be utilized to a large number of reservoir sorts.
Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware | Kisâstwêw to lift the profile, adoption, and worth of Acceleware applied sciences. The shared imaginative and prescient of the partnership is to enhance the environmental and financial efficiency of the power sector by supporting beliefs which are vital to Indigenous peoples, together with respect for land, water, and clear air.
The Company’s seismic imaging software program options are state-of-the-art for top constancy imaging, offering essentially the most correct and superior imaging obtainable for oil exploration in advanced geologies. Acceleware is a public firm listed on Canada’s TSX Venture Exchange below the buying and selling image “AXE”.
Disclaimers
This press launch incorporates “forward-looking information” throughout the that means of securities laws. Forward-looking info typically means details about an issuer’s business, capital, or operations that’s potential in nature, and contains disclosure in regards to the issuer’s potential monetary efficiency or monetary place.
The forward-looking info on this press launch could be recognized by the phrases “expects”, “intends”, and derivatives thereof, and contains details about the advantages of RF XL, future operation of the Pilot, participation of insiders within the Private Placement, the proposed use of proceeds of the Private Placement and the intention of funding companions to help the workover mission with accelerated funding.
Actual outcomes could differ from the forward-looking info on this press launch because of sure materials threat components. These threat components are described intimately in Acceleware’s steady disclosure paperwork, that are filed on SEDAR at www.sedar.com.
Acceleware assumes no obligation to replace or revise the forward-looking info on this press launch until it’s required to take action below securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this launch.
For additional info:
Geoff Clark, CEO
Tel: +1 (403) 249-9099
[email protected]
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3 Canada
Tel: +1 (403) 249-9099
www.acceleware.com
