EDMONTON, AB – Wolverine Energy and Infrastructure Inc. (“Wolverine“) (TSXV: WEII), and its wholly owned subsidiary Green Impact Partners Inc. (“GIP“), are pleased to announce the completion of the initial Hydrogen Front End Engineering Design “FEED” study (the “Study“) conducted on Wolverine’s current operating asset location in Alberta (the “Alberta Project“). The Alberta Project forms part of the clean energy and renewable natural gas (“RNG“) assets proposed for sale in connection with Wolverine’s previously announced reverse takeover transaction involving Blackheath Resources Inc. (the “Transaction“). Upon completion of the Transaction, GIP can proceed to the next stage of hydrogen development on the Alberta Project. Phase one of the hydrogen development of the Alberta Project is intended to result in twenty four tons of production of green, electrolysis-based hydrogen with the facility using only clean, renewable energy for operations. The dual purpose of the facility is expected to lower operating costs of the Alberta Project significantly, creating a profitable full cycle of production. Future development phases of the Alberta Project are expected to allow for substantial growth as demand and usage increases. It is anticipated that the process of hydrogen production utilized by the Alberta Project will also result in saleable industrial oxygen.
The Study was completed earlier then expected, with stronger financial and environmental results than originally anticipated, adding another important development opportunity to those previously available to GIP following the Transaction. GIP intends to continue development of its RNG assets following completion of the Transaction. Management believes that RNG and hydrogen will be the leading complimentary fuels to a low carbon future, and a key to the achievement of Net Zero Earth Impact.
Nikolaus Kiefer, Chief Financial Officer commented that, “From previous studies, we did not anticipate the profitable rationalization potential to occur this quickly. Our experienced development team continues to show their diligence and creativity in meeting the Net Zero Earth Impact goals while achieving our minimum financial targets.”
About Green Impact Partners
As noted in the joint February 16, 2021 press release (the “Prior Release“) of Wolverine and Blackheath Resources Inc. (“Blackheath“), GIP will be the resulting issuer from the Transaction and will operate as an ESG and renewables company incorporated under the laws of British Columbia, the shares of which will be listed on the TSX Venture Exchange. Following completion of the Transaction, GIP will operate with a focus on renewable energy through by-products, waste water and carbon reduction.
Reference is made to the Prior Release for details regarding GIP and the Transaction.
Wolverine is an industry-leading, diversified energy and infrastructure service provider in western Canada and the United States, providing a wide range of services including: water management, production testing, oilfield/energy rentals, and environmental services. Wolverine’s original business roots and operations began in 1952. Over the course of its history, Wolverine has a strategy combining organic growth and strategic acquisitions. Today, Wolverine is strongly positioned to consolidate a highly-fragmented energy services and midstream market in western Canada, and is diligently focused on return on capital deployed, market diversification, and maintaining best-in-class services throughout the full life cycle of its diverse clients’ projects.
This news release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, believes”, “explores” and similar expressions, as they relate to Blackheath, Wolverine, GIP or their management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Wolverine with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Wolverine’s or GIP’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. In particular, this news release contains or implies forward-looking statements pertaining to: the completion of the Transaction; the future business and prospects of GIP and Wolverine; the future development plans, focus and opportunities available to GIP; and the ability of the Alberta Project to produce hydrogen and industrial oxygen in a commercially viable manner, or at all. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada and the United States, including the ongoing COVID-19 pandemic; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and the United States; competition; lack of availability of qualified personnel and infrastructure; obtaining required approvals of regulatory authorities, in Canada and the United States; ability to complete the concurrent financing described in the Prior Release and access sufficient capital from internal and external sources; satisfaction of the conditions to the Transaction; and other factors, many of which are beyond the control of Blackheath, Wolverine and GIP. These forward-looking statements reflect material factors, expectations and assumptions. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward-looking statements. Although the forward-looking statements contained in this document are based upon assumptions which management of Wolverine and GIP believe to be reasonable, Wolverine and GIP cannot assure investors that actual results will be consistent with these forward-looking statements.
Readers are encouraged to review and carefully consider the risk factors pertaining to Wolverine’s business described in Wolverine’s latest annual Management’s Discussion and Analysis, which is accessible on Wolverine’s SEDAR issuer profile at www.sedar.com. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly be required by law, Wolverine and GIP disclaim any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Management of Blackheath and GIP have included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide shareholders with a more complete perspective on Wolverine’s and GIP’s current and future operations and such information may not be appropriate for other purposes. Wolverine and GIP’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Wolverine and GIP will derive therefrom.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance, Wolverine shareholder approval and written approval of the holders of a majority of Blackheath’s shares. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Blackheath and Wolverine should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release. 29dk2902l