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The Company Also Announces Shares For Debt Agreement
Vancouver, BC – TheNewswire – July 11, 2023 – CleanGo Innovations Inc. (CNSX:CGII.CN) (OTC:CLGOF) (FRA:APO2) (“CleanGo”) or (the “Company”) is pleased to provide an operational update regarding its downhole Oil & Gas applications. CleanGo Industrial is proud to report the introduction of the CS-100 Enhanced Oil Recovery Blend in the Denton Texas area north of Ft. Worth. The product was introduced as an agent to assist with the stimulation in a new formation producing light 42API oil. CS-100 EOR Blend was pumped into the wellbore to clean out an old polymer / LCM invasion that occurred while drilling through to the Barnett in 2012. The planned operation included isolating the Barnett with a packer and perforating the casing in the oil horizon of interest. Due to wellbore invasion of old drilling mud and LCM (lost circulation material) the perforations were compromised with a sludge that prevented wellbore flow. The CS-100 EOR Blend was pumped into clean out the perforations and enhance the flow of the oil by opening up the perforations and formation channels to stimulate oil recovery. The wellbore is currently being monitored for increased hydrocarbons post treatment. More information will be released via a company press release to share the results of this treatment.
“This development helps to solidify our impact on the industrial applications of our proprietary industrial blends and adds significant value to our industrial model and our company as a whole” Anthony Sarvucci, CEO of CleanGo Innovations stated, “By replacing the toxic chemicals currently used in the Oil and Gas space with our proprietary green and environmentally friendly products, this is a win for both CleanGo Innovations and Oil and Gas companies as a whole”.
The Company Further announces that it has granted 210,900 options to certain Directors, officers and insiders. The Option are granted with an exercise price of $0.35 per option and shall expire on July 11, 2028, being five years from the date of issuance and shall vest immediately.
The Company also announces that is has entered into a Debt Settlement Agreement with its CEO in the amount of $100,000 to be settled through the issuance of Debt Shares at a deemed value of $0.35 per shares. (the “Debt Shares”) the Debt Shares shall have a hold period of four months plus one day and are subject to the approval of the CSE.
The shares for debt transaction constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) as the CEO of the Company will receive 285,714 Common Shares of the Company in connection with the debt settlement. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the shares for debt transaction with the insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the debt settlement, which the Company deems reasonable in the circumstances as the Company wishes to improve its financial position by reducing its existing liabilities.
About CleanGo Innovations
CleanGo Innovations Inc. is an international, publicly traded company that specializes in the development of early-staged, green, non-toxic and sustainable products used in retail, commercial and industrial applications.
The company is proud of its suite of proprietary, Green Seal Certified non-toxic green products that are Health Canada approved to claim 99.9% disinfecting of viruses and bacteria on a hard surface. CleanGo’s portfolio is proud to be a part of Cruelty Free / Leaping Bunny as a certified product while being both family and pet safe. It is CleanGo’s mission to create the world’s leading non-toxic, green solutions for the worlds cleaning problems.
CleanGo Innovation’s experienced team brings new ideas and innovation based on science to find solutions to the problems of current world we live in. Customers rely on quality, nontoxic products to keep their homes clean and their loved ones safe.
On behalf of the CEO & Board of Directors
Anthony Sarvucci
Chief Executive Officer
CleanGo Innovations Inc.
For More information Contact:
Phone 1 949 200 6534
Forward-looking Information
This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. Forward-looking statements can often be identified by words such as “will”, “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, proposes” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including risks and uncertainties relating to general economic, market or business conditions or changes in laws, regulations and policies affecting the Company’s operations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. Any forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.
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