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Loop Energy Inc. ("Loop") announced that it has completed the transaction (the "Transaction") contemplated by the subscription agreement entered into on October 28, 2024, between Loop, as vendor, and Teralta Hydrogen Solutions Inc. ("Teralta"), as purchaser (such subscription agreement, the "Subscription Agreement"). The Transaction was completed in accordance with the terms of the Subscription Agreement and the provisions of a reverse vesting order granted by the Court on October 28, 2024 (the "RVO").
As part of the Transaction: (a) a new entity, 16483640 Canada Ltd., was incorporated and vested with certain of Loop's excluded assets, contracts, and liabilities; (b) all shares, interests, participation or other equivalents of capital stock or share capital or related rights or interests, among other things, issued by or existing in Loop prior to the closing of the Transaction were cancelled and terminated without consideration; and (c) Loop issued, and Teralta subscribed for and purchased, 1,000,000 new common shares in the capital of Loop. Teralta is now the sole holder of Loop's share capital. 16483640 Canada Ltd. is expected to be assigned into bankruptcy pursuant to the BIA.
Loop was delisted from the Toronto Stock Exchange effective close of market on September 3, 2024. Loop expects to make an application to cease to be a reporting issuer.
Further information regarding the notice of intention to make a proposal proceeding pursuant to the BIA and documents related thereto, including a copy of the RVO, can be accessed through the website hosted by Crowe MacKay & Company Ltd. in its capacity as proposal trustee of Loop: https://crowemackayco.ca/project/loop-energy-inc/
About Loop Energy Inc.
Loop is a designer and manufacturer of hydrogen fuel stacks targeted for the electrification of commercial vehicles such as buses and trucks, as well as stationary power applications. Loop filed a notice of intention to make a proposal under section 50.4 (1) of the BIA on July 17, 2024.
About Teralta Hydrogen Solutions Inc.
Teralta is an innovator in clean hydrogen and e-natural gas production, including the technology and the infrastructure to store and distribute it. Founded in 2021, Teralta's exclusive access to clean hydrogen and its unique end-to-end business model distinguishes it from any competitor, delivering safe, secure, and profitable clean hydrogen initiatives.