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2023-11-24 19:17 ET - News Release
Mr. Balraj Mann reports
FIRST HYDROGEN ANNOUNCES CLOSING OF $2,673,000 FINANCING
Further to the news release dated Oct. 27, 2023, First Hydrogen Corp. has closed its private placement of convertible debenture units for gross proceeds of $2,673,800. Each debenture consists of $1,000 in principal and is convertible into 689.65 common shares and 689.65 share purchase warrants, with each share purchase warrant exercisable to acquire one common share at an exercise of $3 per warrant for a period of two years from the closing date of the offering.
The debentures will mature on the second anniversary of the date of issuance and bear interest at a rate of 9.00 per cent per annum, commencing on the date of issuance. The debenture units are unsecured. The company intends to use the proceeds of the offering for general corporate purposes. The debentures will not be listed or posted for trading on any stock exchange. All securities issued in connection with the offering will be subject to a statutory resale restriction for four months and one day from the closing date of the offering.
In connection with the offering, the company paid Canaccord Genuity Corp. a fee of $213,904 and issued 147,520 warrants. Each finder's warrant provides that such finder may acquire common shares of the company at a price of $1.45 per finder's warrant share until two years from the closing date of the offering.
About First Hydrogen Corp.
First Hydrogen, based in Vancouver and London, United Kingdom, is a company focused on zero-emission vehicles, green hydrogen production and distribution. The company has designed and built hydrogen-fuel-cell-powered light commercial vehicles in partnership with AVL Powertrain and Ballard Power Systems Inc. The FCEV has a range of 630-plus kilometres. These vehicles are being trialled with fleet operators in the United Kingdom. First Hydrogen is also developing a 35-megawatt green hydrogen production facility and vehicle assembly factory in Shawinigan, Que.
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