Jan 27, 2026 (MarketLine via COMTEX) --
PlasCred provided an update on its Alberta Innovates-supported work for its first commercial-scale Neos facility and disclosed a related financing update.
PlasCred Circular Innovations Inc. (CSE: PLAS) (FSE: XV2) (the "Company" or "PlasCred"), an Alberta-based company developing an advanced plastic recycling facility, is pleased to announce an update on its progress under the Alberta Government sponsored Alberta Innovates program for its first commercial scale facility, and also a financing update.
As previously announced on April 8, 2025, PlasCred was awarded approximately CAD $500,000 in funding from Alberta Innovates to support activities associated with the Company's first commercial-scale facility ("Neos").
The scope of work under the Alberta Innovates funding will focus on confirming key engineering and operating inputs required for commercial deployment, including validation of reactor performance assumptions, operating parameter ranges, and process behavior across representative mixed plastic waste streams.
The outcomes from this funding initiative are intended to reduce the execution and scale-up risk for the Neos facility and support final engineering, procurement planning, and construction readiness. The results therefrom have been integrated into the Company's Neos commercial facility design and deployment planning.
"This work strengthens our confidence as we advance Neos towards construction," said Troy Lupul, President and CEO of PlasCred. "The Alberta Innovates project supported execution activities that move Neos a step further towards construction. In conjunction with this, we continue to explore all financing avenues for the ultimate building of the Neos plant."
Neos is currently designed to process approximately 100 tonnes per day of mixed plastic waste into refined hydrocarbon condensate, which will be sold at CAD $120 per barrel pursuant to a 5-year fixed price agreement, with a global commodities company inclusive of freight, providing a predictable revenue stream. The project builds on the design, testing and production from PlasCred's Primus pilot and forms the foundation for the Company's proposed commercial-scale Neos facility.
Subsequent Financing Update
PlasCred also announces that it has completed an additional draw pursuant to the Equity Growth Agreement announced on April 29th, 2024, with an arm's length institutional investor. The Company has competed two tranches of financing with this investor for general working capital based on the following pricing and volume terms: the subscription price equals 90% of the lowest of the daily volume weighted average price (VWAP) for the 20 days preceding the chosen date of investment, times the average number of shares traded per day during the same period.
The Company raised $100,462 at an average price of $0.0854 per share in exchange for 1,176,408 shares. The securities issued under the equity facility are subject to applicable resale restrictions in accordance with Canadian securities laws. Post this share issuance, the total basic shares outstanding are 89,276,408 and the fully diluted shares outstanding are 118,446,408.
We continue our discussions with institutional investors regarding a larger capital raise to fund the construction of Neos. We will update the market as new developments unfold with respect to the capital raising efforts and the construction of Neos.
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