Nexera advances planned transition from oil and gas to end-of-life tire pyrolysis
Nexera Energy Inc. is advancing a proposed strategic transformation from oil and gas exploration and production into an industrial manufacturing business focused on end-of-life tire recycling. The Calgary- and San Antonio-based company said it plans to file a Change of Business application with the TSX Venture Exchange and intends to use pyrolysis technology to convert waste tires into component materials. The transition is being pursued alongside efforts to restore full trading, complete overdue financial reporting and restructure the company’s balance sheet. Nexera said it has negotiated with creditors to eliminate substantially all debt through a combination of debt forgiveness and conversion of certain obligations into equity, while the Alberta Securities Commission has granted a partial revocation of an existing cease trade order to allow a private placement of up to $320,000. The company describes tire recycling and resource recovery as the basis for a new scalable industrial platform, although the proposed business transition remains subject to TSX Venture Exchange approval and other regulatory requirements.
