Loop announces agreement to sell bÉcancour site for cdn $18.5 million (us $13.9 million) and cost reduction measures to ensure ongoing liquidity

Combination of land sale and cost reduction measures provides close to 3 years of liquidity to finance operating activities prior to startup of large-scale commercial manufacturing facilities focus of commercialization strategy on prioritizing joint venture projects with sk geo centric "skgc" loop management to hold update call: 11:00am et, on friday december 23rd, 2022 montreal, qc / accesswire / december 22, 2022 / loop industries, inc. (nasdaq:loop) (the "company" or "loop"), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate ("pet") plastic and polyester fiber, today made the following announcements: the company has entered into an agreement to sell all of its remaining property in bÉcancour, quebec for cdn $18.5 million (us $13.9 million). the sale transaction is expected to close on february 24, 2023, subject to final due diligence and fulfillment of certain customary closing conditions.
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