Brief: Loop Industries Says SK Global Chemical to Acquire 10 Percent Equity Stake in Loop Industries

Loop Industries

23/06/2021 06:29

June 23 (Reuters) - Loop Industries Inc  LOOP.O :
    * LOOP INDUSTRIES- IT INTENDS TO FORM A STRATEGIC
PARTNERSHIP WITH
SK GLOBAL CHEMICAL CO. LTD. ('SKGC'), A SUBSIDIARY OF SOUTH
KOREA'S SK GROUP
    * SK GLOBAL CHEMICAL TO ACQUIRE 10 PERCENT EQUITY STAKE IN
LOOP
INDUSTRIES
    * LOOP INDUSTRIES - COMPANIES ANNOUNCE STRATEGIC PARTNERSHIP
TO
BRING SUSTAINABLE AND CIRCULAR PLASTICS TO ASIAN MARKET
    * EQUITY INVESTMENT OF $56.5 MILLION WILL BE USED BY LOOP
TOWARDS
FUNDING ITS PLANNED CANADIAN INFINITE LOOP™ FACILITY IN QUÉBEC
    * LOOP INDUSTRIES - SK GLOBAL CHEMICAL WILL BECOME SECOND
LARGEST
SHAREHOLDER
    * LOOP AND SKGC INTEND TO FORM A JOINT VENTURE
    * SK GLOBAL CHEMICAL WILL OWN 51 PERCENT OF JOINT VENTURE
AND LOOP
WILL OWN 49 PERCENT
    * LOOP INDUSTRIES - LOOP WILL RECEIVE A RECURRING ANNUAL
ROYALTY
FEE AS A PERCENTAGE OF REVENUE FROM EACH FACILITY FOR USE OF ITS
TECHNOLOGY
    * WILL PURCHASE 4,714,813 NEW TREASURY COMMON SHARES OF LOOP
AT A
PRICE OF $12 PER SHARE

Source text for Eikon:  ID:nNDL6G8Xnt 
Further company coverage:  LOOP.O 

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