Production / Operations
NORTHSTAR SELECTS BALTIMORE, MARYLAND AS FIRST UNITED STATES EXPANSION LOCATION
ROOF · Price
Executive Summary
- Northstar Clean Technologies entered a non‑binding agreement to lease a 54,000 sq ft facility in Baltimore, Maryland – its first U.S. commercial site, with operations targeted for H2 2027.
- The company disclosed share‑for‑debt transactions covering interest on multiple convertible debenture tranches, issuing approximately 1.11 M common shares to debt holders.
- Both the expansion and the equity issuances are material to Northstar’s growth strategy and capital structure.
Key Details
- Baltimore Lease Terms – Ten‑year lease with three five‑year renewal options; lease start July 1 2026, rent payable from October 1 2026; includes 54,000 sq ft building plus 3 acres of outdoor storage.
- Strategic Rationale – Avoids new construction complexities; located near high‑return markets (tipping fees, asphalt prices) and close to TAMKO’s shingle plant in Frederick, MD, a key off‑take partner.
- Partner Agreement – TAMKO will purchase the majority of asphalt product from Northstar’s first four U.S. facilities.
- Projected Timeline – Permitting initiated; construction and commissioning expected to begin after lease closing; commercial operations anticipated in H2 2027.
Share‑for‑Debt Conversions (Interest Payments)
| Debenture Round | Interest Owed | Common Shares Issued | Shares Received by Insiders |
|---|---|---|---|
| Dec 2022 | $31,000 | 124,000 | 50,000 |
| Dec 2023 | $110,000 | 431,364 | 178,919 |
| Feb 2024 | $62,500 | 245,095 | 85,783 |
| Jun 2024 | $78,125 | 312,500 | – |
| Totals | $281,625 | 1,112,959 | 314,702 |
- Total convertible debentures issued to date: ~$2.5 M; ~97% of the Dec 2022 tranche already converted.
- The company expects continued conversion of outstanding debentances into equity.
Related Party Transaction & Regulatory Notes
- Insiders receiving shares constitute a “related party transaction” under MI 61‑101; Northstar will rely on TSXV Policy 5.9 exemptions to forego formal valuation and minority approval.
- Closing of the share‑for‑debt transactions is subject to customary conditions, including TSX Venture Exchange approval.
Notable Quotes
“Announcing Baltimore as the location for our first U.S. facility is an excellent way to start the new year and a major step in our U.S. expansion….” – Aidan Mills, President & CEO
“By converting their original debt and taking common shares as interest payments, our financial supporters evidence a confidence in the long‑term potential and value proposition for the Company.” – Greg Phaneuf, VP Corporate Development & CFO
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Jun 01, 2026 · 20:54