Xogen Technologies to go public via Haviland merger, takes 62% of combined firm
What's the deal? Haviland Enviro Corp. (TSXV: HEC.P), a capital pool company, has signed a definitive agreement to acquire Alberta-based cleantech firm Xogen TechnologiesDealroom has a profile for this one. Try Dealroom →. The deal will serve as Haviland's qualifying transaction under TSX Venture Exchange rules, listing the combined company as a Tier 2 technology issuer.
How it works: The transaction is structured as a three-cornered amalgamation, with Xogen shareholders receiving one Haviland share for every three Xogen shares. Roughly 32.3 million Haviland shares will be issued, leaving Xogen shareholders with about 62% of the combined company, existing Haviland holders with 28%, and financing subscribers with 10%.
What's the endgame? Founded in Alberta in 2004, Xogen has developed proprietary Advanced Electro-Oxidation technology that treats ammonia and other water contaminants while producing recoverable hydrogen, oxygen, and nitrogen by-products.
It has run pilot plants at Canadian and US landfill sites and operates a commercial-scale pilot at the University of Massachusetts. For the year ended December 31, 2025, Xogen reported total assets of roughly $964,134 and an unaudited net loss of about $159,189.
The financing: Before closing, Xogen plans a private placement of 13,750,000 units at $0.04 each, targeting gross proceeds of $550,000. A further 10,000,000 units at the same price will settle shareholder loans of up to $400,000, with net proceeds funding commercialisation.
Who runs it: After closing, David Johnston, Jacqueline Logan, and Monique Charbonneau are expected to serve as chief executive officer, chief financial officer, and corporate secretary. Founder and chairman Robert Reisig will join the board, along with two directors chosen by Xogen.
What could go wrong? The deal still needs TSXV approval, completion of the concurrent financing, and a filing statement. Some Haviland insiders hold Xogen shares, but the transaction is not classed as a Non-Arm's Length Qualifying Transaction, and shareholder approval is not expected to be required.
The signal: Qualifying transactions remain a well-worn route for early-stage cleantech firms to reach public markets without a traditional IPO, giving a pre-revenue water treatment company a listing and fresh capital to chase commercialisation.
Read more: kalkinemedia.com
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