CALGARY, Alberta, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce the initiation of a formal process to raise external capital to fund the development and construction of its planned solar glass manufacturing facility (the “Project"). This decision is supported by the Company’s recently completed Front End Engineering and Design (FEED) study that was prepared by an internationally recognized specialty glass manufacturing engineering firm.
“We are delighted to initiate the process to fund our solar glass manufacturing facility, the only of its kind in North America,” stated Glenn Leroux, President and CEO of CPS. “This project is expected to generate significant value for our shareholders while making a positive impact on the environment and in the local community.”
Project Highlights
Solar Glass Demand Growth
North American demand for solar glass is expected to grow significantly over the next several years in order to satisfy unprecedented growth in solar energy infrastructure expansion
Strategic Location
As the only facility of its kind in North America, the Project will alleviate logistical challenges and dependence upon Asia Pacific glass producers, providing solar panel manufacturers with a domestic source of solar glass
Low Carbon Intensity
The Project’s solar glass production is expected to have the lowest carbon intensity in the industry due to the use of renewable hydroelectricity, its close proximity to silica sand supply and other supply chain advantages relative to offshore manufacturers
Positive Community Impact
The Project is expected to create 600 jobs during construction and, once operational, over 300 full-time employment opportunities for the City of Selkirk, surrounding communities and the communities of Hollow Water First Nation, Seymourville and Manigotagan
Strong Project Economics
Attractive capital and operating cost profile supported by the integration of the Company’s 100% owned silica sand supply, access to low-cost renewable energy and the potential for future expansion that will utilize common infrastructure
The Company has retained Fort Capital Partners and Peters & Co. Limited as co-financial advisors to assist in its process of capitalizing the Project. When appropriate, the Company will provide updates on the development of the Project.
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly-owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
