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Northstar Announces 2023 Financial Results

Q4 2023 Highlights Commenced detailed engineering design for its planned asphalt shingle reprocessing facility in Calgary, Alberta (the "Empower Calgary Facility") Placed orders for three long-lead items for the Empower Calgary Facility Announced a private placement of convertible debenture units for up to $3.5 million Closed the first tranche of the private placement for gross proceeds of $2.26 million (and subsequently closed the second tranche in Q1 2024, totaling $3.6 million) VANCOUVER, BC and CALGARY, AB, April 29, 2024 /CNW/ - Northstar Clean Technologies Inc. (TSXV:ROOF) (OTCQB:ROOOF) ("Northstar" or the "Company") is pleased to announce that it has filed its 2023 audited annual financial statements and management's discussion and analysis for the year ended December 31, 2023 on the Company's profile at SEDAR+ at www.sedarplus.ca. These documents are also available on the Company's website at www.northstarcleantech.com. Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "2023 and 2024 have represented a transformational time for the Northstar business. In 2023, the Company delivered on a number of critical objectives for the business including: executing a 5-year asphalt offtake agreement for the Empower Calgary Facility with McAsphalt, a subsidiary of Colas SA, one of the largest global asphalt companies; receiving an Emissions Reduction Alberta circular economy award of $7.088 million in non-repayable government grants; securing both debt financing for the Empower Calgary Facility of $8.75 million from BDC; and a corporate strategic investment from TAMKO Building Products, a major U.S. shingle manufacturer, for US$10 million. The support from major strategic customers, coupled with secured funding, engineering design work, and project de-risking from the Company's pilot facility, enabled us to commence detailed design engineering and place orders for essential long-lead equipment items in the second half of 2023."   Mr. Mills continued, "The first four months of 2024 have also been marked by significant developments for the business. With feedstock supply contracts from IKO Industries Ltd. and Ecco Recycling & Energy Corporation, we have secured all our required Empower Calgary Facility commissioning volume, ...