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Posted On: 09/11/2023 4:53:04 PM
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NetworkNewsBreaks – FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) Closes on Nonbrokered Private Placement, Announces Debt Conversion Details
FuelPositive (TSX.V: NHHH) (OTCQB: NHHHF), a Canadian-based, growth-stage company committed to providing commercially viable and sustainable, cradle-to-cradle, clean-energy solutions, has closed a nonbrokered private placement among other financial announcements. The private placement was comprised of 6,741,000 units at $0.06 per unit, resulting in gross proceeds of $404,460 for the company. According to the announcement, each unit consisted of one common share of the company along with one common share purchase warrant allowing holders to purchase an additional common share at an exercise price of $0.09 until today. FuelPositive anticipates using the funds for further development of its demonstration systems for the commercial production of green ammonia as well as for general working capital purposes. The company also noted that it has revised the terms of its previously announced proposal to settle outstanding $133,000 of debt.
The revision was made at the request of the TSX Venture Exchange. FuelPositive will now settle the indebtedness by issuing 2,046,154 common shares at a price of $0.065 per common shares; the company will not issue an equivalent number of share purchase warrants. The company has also reached an agreement with an additional arm’s-length creditor. That agreement involves $25,000 of debt, which the company will settle by issuing 681,600 units at a price of $0.05 per settlement unit. Completion of the debt settlements is subject to the approval of the TSX Venture Exchange, and all securities issued in connection with the debt settlements are subject to applicable securities laws. In addition, the company announced that it was unable to obtain TSXV approval for the repricing of certain outstanding share purchase warrants. Consequently, those warrants have expired without exercise. FuelPositive has provided warrant holders with the opportunity to participate in the offering. The company has also granted more than two million incentive stock options to certain advisors. The options vest immediately and are exercisable at a price of $0.09 through today.
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
FuelPositive (TSX.V: NHHH) (OTCQB: NHHHF), a Canadian-based, growth-stage company committed to providing commercially viable and sustainable, cradle-to-cradle, clean-energy solutions, has closed a nonbrokered private placement among other financial announcements. The private placement was comprised of 6,741,000 units at $0.06 per unit, resulting in gross proceeds of $404,460 for the company. According to the announcement, each unit consisted of one common share of the company along with one common share purchase warrant allowing holders to purchase an additional common share at an exercise price of $0.09 until today. FuelPositive anticipates using the funds for further development of its demonstration systems for the commercial production of green ammonia as well as for general working capital purposes. The company also noted that it has revised the terms of its previously announced proposal to settle outstanding $133,000 of debt.
The revision was made at the request of the TSX Venture Exchange. FuelPositive will now settle the indebtedness by issuing 2,046,154 common shares at a price of $0.065 per common shares; the company will not issue an equivalent number of share purchase warrants. The company has also reached an agreement with an additional arm’s-length creditor. That agreement involves $25,000 of debt, which the company will settle by issuing 681,600 units at a price of $0.05 per settlement unit. Completion of the debt settlements is subject to the approval of the TSX Venture Exchange, and all securities issued in connection with the debt settlements are subject to applicable securities laws. In addition, the company announced that it was unable to obtain TSXV approval for the repricing of certain outstanding share purchase warrants. Consequently, those warrants have expired without exercise. FuelPositive has provided warrant holders with the opportunity to participate in the offering. The company has also granted more than two million incentive stock options to certain advisors. The options vest immediately and are exercisable at a price of $0.09 through today.
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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