HB2 Origination Announces Financing in Connection with Proposed Reverse Takeover of Red Pine Petroleum
Calgary, Alberta–(Newsfile Corp. – May 6, 2021) – HB2 Origination, LLC (“ Origination “) is pleased to announce that it has entered into an engagement letter with Eight Capital (the “ Agent “) as lead agent and sole bookrunner in connection with a private placement of subordinated voting subscription receipts (the “ Subordinated Voting Subscription Receipts “) at a price of $4.01 per Subordinated Voting Subscription Receipts and multiple voting subscription receipts (the “ Multiple Voting Subscription Receipts” , and together with the Subordinated Voting Subscription Receipts, the “ Subscription Receipts “) at a price of $401.29 per Multiple Voting Subscription Receipts of Alpine Summit Energy Partners Finco, Inc. (“ Finco “), a special purpose company incorporated solely for the purposes of the Offering (as defined below). The Offering will be conducted on a “best efforts” agency basis for total gross proceeds of the Canadian dollar equivalent to US$3 million, which may be upsized to US$5 million (the “ Offering “). The Offering is being undertaken in connection with the previously announced business combination (the “ Proposed Transaction “) between Origination and Red Pine Petroleum Ltd. (“ Red Pine “) and is expected to close on or about May 27, 2021. In connection with the Proposed Transaction, the shareholders of Red Pine will be asked to approve a change of the name of the Resulting Issuer (as defined below) to “ Alpine Summit Energy Partners, Inc. “.