Loop Energy Reports Fourth Quarter & Year End 2023 Results

Source: www.gulfoilandgas.com 3/21/2024, Location: North America

Loop Energy™ reported consolidated financial results for the fourth quarter and full year ending December 31, 2023. All amounts are in Canadian dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

Full Year 2023 Financial Highlights
Full year 2023 revenues of $2.1 million (2022 – $3.3 million)
Full year 2023 operating expenses of $23.6 million (2022 – $27.9 million)
Full year 2023 net losses of $34.2 million (2022 – net losses of $37.5 million)
Full year 2023 capital expenditures of $4.6 million (2022 – $15.0 million)
Cash and cash equivalents of $2.9 million as of December 31, 2023 (2022 – $24.5 million)

Outlook
On February 12, 2024, the Company announced that the Company and H2P Portable Power Corp. (“H2P”) have entered into an amalgamation agreement dated February 9, 2024 (the “Amalgamation Agreement”) in respect of a three-cornered amalgamation pursuant to which H2P will amalgamate (the “Amalgamation”) with a subsidiary of Loop, Loop will acquire all of the issued and outstanding common shares of H2P (the “H2P Shares”), and H2P shareholders will receive common shares of Loop (the “Combined Entity Shares”). Benefits to the combined entity outlined in the press release include the following:
A strong incoming team;
Operational efficiencies; and
A concurrent $15 million financing (the H2P subscription receipt financing)

Subsequent to above announcement, H2P provided the Company with a $500,000 prepayment deposit associated with a purchase order and a further $1,500,000 in the form an unsecured bridge loan. Should the Amalgamation not be completed, the bridge loan becomes due and payable the fifth day following the termination of the Amalgamation Agreement.

On February 27, 2024, the Company announced an Annual and Special Meeting to be held on April 26, 2024 at which, among other things, shareholders will vote on the Amalgamation.

On March 14, 2024, the Company announced that H2P had launched its $15 million subscription receipt financing.

Completion of the Amalgamations and the subscription receipt financing are subject to a number of approvals and risks, including the approval of the Company’s shareholders. For full details on the risks and uncertainties affecting the Company, please refer to the Company’s AIF (see section entitled “Risk Factors”) for the year ended December 31, 2023, a copy of which is available on SEDAR at sedarplus.ca.


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