Earth Alive Clean Technologies Inc. (TSXV:EAC), NOI

Earth Alive Clean Technologies Inc. (TSXV:EAC), a Montréal, Québec headquartered biotech startup company, filed an NOI on October 22, listing approximately $4.8 million in liabilities.

The company, which employs approximately 11 people, develops, manufactures and distributes environmentally-sound proprietary microbial solutions for the agriculture, mining and industrial markets.

Since 2021, when the company underwent a reorganization, it has been working to reduce production costs and the prices of its products but has faced challenges due to pandemic restrictions and inflation.

The company is also still in the early stages of commercialization of its products and its revenues have not been sufficient to cover operating expenses (with $4.1 million in losses incurred in 2022 and $4.5 million in 2023). As a result, the company is highly dependent on its ability to obtain financing but has struggled to raise funds.

The Autorité des marchés financiers issued a cease trade order in respect of the company’s securities in September of this year.

The purpose of the NOI proceedings is to obtain DIP financing from a group of investors and conduct a SISP.

Raymond Chabot is the proposal trustee.

Counsel is Davies for the company.