ReGen III Closes Oversubscribed Private Placement

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Vancouver, British Columbia--(Newsfile Corp. - March 16, 2023) - ReGen III Corp. (TSXV: GIII) (OTCQX: ISRJF) (FSE: PN4) ("ReGen III" or the "Company") is pleased to announce the closing of its non-brokered private placement financing (the "Offering"), previously announced on March 2, 2023 (the "Prior Announcement"). In the Prior Announcement, the Company had announced the Offering with gross proceeds of up to $2,500,000. In connection with the closing of Offering, the Company issued an aggregate of 3,692,502 units (the "Units") of the Company at a price of $0.75 per Unit for gross proceeds of $2,769,376.50, representing an oversubscription of $269,376.50 in gross proceeds.

It is anticipated the net proceeds of the Offering will be used to:

  • continue advancing on FEL3 (FEED);
  • support the Company's ongoing due diligence processes being undertaken by various equity and debt providers; and
  • for general working capital and other corporate purposes.

Pursuant to the Offering, each Unit consists of one common share of the Company and one-half (1/2) of one common share purchase warrant. Each whole warrant is exercisable at a price of $1.25 per share until March 16, 2025.

In connection with the closing of the Offering, the Company paid aggregate cash finders' fees of $3,330 for subscriptions processed through arm's length brokerage houses. No finder's warrants were issued.

All securities issued in Offering will be subject to a resale restriction expiring July 17, 2023, in accordance with applicable securities laws. The Offering is subject to the final approval of the TSX Venture Exchange.

Mark Redcliffe, President of ReGen III commented, "We are grateful for the strong support shown by our shareholders and other investors in this Offering and we look forward to driving ongoing due diligence and engineering ahead."

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of those laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction other than as specified herein including the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the 1933 Act).

About ReGen III

ReGen III is a cleantech company commercializing disruptive, patented technology to recycle used motor oil ("UMO") into high-value Group III base oils. With a focus on creating sustainable solutions that generate better environmental outcomes and compelling economics, the Company's ReGen™ process is designed to reduce CO2e emissions by up to 82% as compared to virgin crude derived base oils combusted at end of life.

ReGen III has a definitive offtake agreement with bp to purchase 100% of the sustainable base oils produced at the Company's 5,600 bpd UMO Texas recycling facility. In 2022, ReGen III completed FEL2 and value engineering for the facility, where world class engineering, construction and licensed vendor teams – including Koch Project Solutions, LLC, PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies – are providing detailed design, construction, commissioning, and start-up services.

Operating in an underserved segment of the base oil market, ReGen III aims to become the world's largest producer of sustainable Group III base oil.

For more information on ReGen III or to subscribe to the Company's mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.

For further information, please contact:
Kimberly Hedlin
Vice President, Corporate Finance
Tel.: (403) 921-9012
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information other than statements of historical facts contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the Company's business plans, expectations, capital costs and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, https://www.ReGenIII.com/. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158731

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