UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On June 15, 2022, Loop Canada Inc. (“Loop Canada”), a wholly-owned subsidiary of Loop Industries, Inc. (the “Company”), entered into a Promise to Purchase agreement (the “Agreement”) with 9409-4927 Quebec Inc. (“Quebec Inc.”) and NAI Terramont Commercial (“NAI”) for the sale of a portion of the excess land owned by Loop Canada in Bécancour, Québec.
As previously disclosed, Loop Canada acquired approximately 19.9 million square feet of land in Bécancour, Québec in May 2021. Approximately 3.6 million square feet of the land is reserved for the site of the Company’s planned Infinite Loop™ manufacturing facility. The Company has been pursuing a sale of the excess land that will not be needed for the construction of the Infinite Loop™ manufacturing facility. In addition to the property it has agreed to sell to Quebec Inc., Loop Canada owns approximately 6.0 million square feet of excess land that remains available for sale.
Pursuant to the Agreement, Loop Canada agreed to sell property located at 7000, boulevard Raoul-Duchesne, Bécancour (Qc) G9H 4X6 consisting of approximately ten million three hundred thirty-three thousand eight hundred thirty eight (10,333,838) square feet to Quebec Inc. for a purchase price of CDN $12.0 million. Quebec Inc. paid a deposit of CDN $100,000 and will pay the balance on the closing date of the purchase. The cost of the deed of sale, transfer tax and registration will be paid by Quebec Inc. Loop Canada will pay the commission payable to NAI. On August 17, 2022, Quebec Inc.’s unilateral right to withdraw from the Agreement in connection with due diligence on the property expired.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ended August 31, 2022.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LOOP INDUSTRIES, INC. | |||
Date: August 23, 2022 | By: | /s/ Drew Hickey | |
Drew Hickey | |||
Chief Financial Officer | |||
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Cover |
Aug. 17, 2022 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | LOOP INDUSTRIES, INC. |
| Entity Central Index Key | 0001504678 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Aug. 17, 2022 |
| Entity Incorporation State Country Code | NV |
| Entity Tax Identification Number | 27-2094706 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Entity File Number | 000-54786 |
| Entity Address Address Line 1 | 480 Fernand Poitras |
| Entity Address Address Line 2 | Terrebonne |
| Entity Address City Or Town | Quebec |
| Entity Address Country | CA |
| Entity Address Postal Zip Code | J6Y 1Y4 |
| City Area Code | 450 |
| Local Phone Number | 951-8555 |
| Security 12b Title | Common stock, par value $0.0001 per share |
| Trading Symbol | LOOP |
| Security Exchange Name | NASDAQ |