International Petroleum Corporation | December 02, 2022
International Petroleum Corporation is pleased to announce that the Toronto Stock Exchange has approved IPC's notice of intention to renew the Corporation's normal course issuer bid / share repurchase program .
Under the NCIB, the Corporation is authorized to purchase, through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, or as otherwise permitted under Canadian and Swedish securities laws, as and when considered advisable by IPC, up to 9,333,859 common shares in the capital of the Corporation representing approximately 6.8% of the 137,842,861 Common Shares outstanding as at November 22, 2022 of IPC's "public float" over a period of twelve months commencing on December 5, 2022 and ending on December 4, 2023, or until such earlier date as the NCIB is completed or terminated by IPC.
The maximum number of Common Shares which can be purchased each day on Nasdaq Stockholm will be 25% of the average daily trading volume of the Common Shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, IPC will be limited to daily purchases of no more than 35,159 Common Shares on the TSX, being 25% of IPC's average daily TSX trading volume of 140,639 Common Shares during the six months ended October 31, 2022, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.
In connection with the NCIB, IPC has entered into an automatic share purchase plan with its designated broker to allow IPC to repurchase Common Shares when it would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, IPC may provide standard instructions during non-blackout periods to its designated broker, which instructions may not be varied or suspended during the blackout period. Outside of any blackout periods, Common Shares will be purchased in accordance with management's discretion. All purchases made under the ASPP will be included in computing the number of Common Shares purchased under the NCIB. The ASPP has been reviewed and pre-cleared by the TSX and may be terminated by IPC or its broker in accordance with its terms, or will terminate on the expiry of the NCIB.
Any Common Shares that IPC purchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, or as otherwise permitted under Canadian and Swedish securities laws, at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable securities laws. The actual number of Common Shares that will be purchased, and the timing of any such purchases, will be determined by IPC, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws. There cannot be any assurances as to the number of Common Shares that will ultimately be acquired by IPC. Any Common Shares purchased by IPC under the NCIB will be cancelled.
IPC believes that the purchase of Common Shares for cancellation under the NCIB represents an effective use of IPC's capital and an efficient way to return value to IPC's shareholders as part of IPC’s announced shareholder distribution framework.
IPC's previous NCIB for the purchase of up to 11,097,074 Common Shares, which commenced on December 3, 2021, will expire on December 2, 2022. As of November 22, 2022, IPC purchased an aggregate of 9,486,084 Common Shares for an average weighted price of CAD $10.69 per Common Share under that NCIB. Purchases were made on the open market and pursuant to the previous automatic share purchase plan.
Following the cancellation in November 2022 of 241,396 Common Shares repurchased by IPC under the previous NCIB, the total number of issued and outstanding Common Shares is 137,601,465 Common Shares with voting rights as at November 30, 2022, of which IPC holds 43,166 Common Shares in treasury.
International Petroleum Corp. is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange under the symbol "IPCO".
CHEMICAL MANAGEMENT, PRODUCTS AND TECHNOLOGIES
Aduro Clean Technologies Inc. | December 05, 2022
Aduro Clean Technologies Inc. a Canadian developer of patented water-based technologies to chemically recycle plastics and transform heavy crude and renewable oils into new-era resources and higher-value fuels, announces it has completed construction and mechanical assembly of its pilot-scale Hydrochemolytic™ continuous flow plastic reactor.
Plans for testing and certifications are in place and final certification by the Technical Standard and Safety Authority is progressing with registration expected later this month. Once certified, the reactor unit will be moved to the newly expanded laboratory in London, Ontario for final testing and commissioning.
The R2 Plastic unit is the Company’s customer engagement unit and is designed to handle various plastic feedstocks such as polyethylene, polypropylene, and polystyrene as single-stream materials, followed by a mixture of these feedstock streams. The R2 Plastic will also be used to evaluate the impact of materials found in multilayer plastics, such as paper, paper board, polymeric materials, metalized layers, and aluminum foil, effectively advancing Aduro’s plans of processing higher contaminated materials which are currently rejected by existing technologies. This is important data that will support the Company’s established scale-up and optimization program for the scaled-up pilot: R3 Plastic.
In 2022, the Company undertook several projects including the construction of both the plastic upcycling and bitumen upgrading reactor units, the construction of a flash drum unit for pre-processing bitumen feedstock, and the expansion of laboratory facilities and laboratory capabilities that will centralize the Company’s resources for more efficient execution of our R&D, scale-up and commercialization plans.
Completion of these projects positions the Company to execute in 2023 the R2 Reactor research and testing optimization program, the implementation of the customer engagement program and the delivery of reactor unit design, equipment procurement, fabrication, and commissioning of the scaled-up pre-commercial R3 Reactor unit.
About Aduro Clean Technologies
Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s Hydrochemolytic™ technology activates unique properties of water in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into 21st-century resources.
CHEMICAL MANAGEMENT, SCIENCE AND RESEARCH
Chemours | January 19, 2023
The Chemours Company, a worldwide chemical company with leading market positions in thermal & specialized solutions, titanium technologies, and advanced performance materials, announced a $200 million investment to expand the production capacity and advance technology for its industry-leading Nafion™ ion exchange materials to be located at its Villers-Saint-Paul, France, manufacturing facility.
The investment by Chemours complements the current efforts in the United States to establish a reliable supply chain and a strong capacity to support the hydrogen economy. It will help meet the expanding market demand for clean hydrogen generation utilizing water electrolyzers, energy storage in flow batteries, and hydrogen conversion to power fuel cell cars, as well as contribute to European and worldwide initiatives to facilitate the clean energy transition. As part of the investment, Chemours' regional production site will have its capabilities expanded to support and develop technological progress and innovative products for the global hydrogen economy.
Chemours' investment is contingent upon obtaining all customary permits and licenses required for the construction and operations at the 40-hectare Villers-Saint-Paul location, which will include the expansion of ionomer production and associated membranes to provide additional capacity to the Nafion™ materials supply chain.
The $200 million investment demonstrates Chemours' ongoing commitment to responsible manufacturing while supporting the company's 2030 corporate responsibility commitment goal of generating 50% or more of its revenue from products that contribute to the United Nations' Sustainable Development Goals. In addition, the site's expansion will generate employment in the Hauts-de-France area, with Chemours anticipating the creation of roughly 80 full-time jobs and 50 long-term contract positions.
About The Chemours Company
Chemours is an American chemical company that provides its customers with market-defining products, application expertise, and chemistry-based innovations for a wide range of industries. The firm offers tailored chemical solutions for various industrial and specialty chemical products for markets, including coatings, plastics, refrigeration and air conditioning, semiconductor and consumer electronics, and oil and gas. The firm has around 6,400 employees and 29 manufacturing locations that serve 3,200 clients in 120 countries. Its flagship products include leading brands such as Opteon™, Ti-Pure™, Teflon™, Freon™, Krytox™, Viton™, and Nafion™.