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.
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About FuelPositive Corporation
FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, cradle-to-cradle, clean-technology solutions, including an on-farm/onsite, containerized green ammonia (“NH3”) production system that eliminates carbon emissions from the production of green ammonia. By focusing on technologies that are clean, sustainable, economically advantageous and realizable, FuelPositive aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The company’s on-farm/onsite containerized green ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green ammonia is also considered a key enabler of the hydrogen economy. FuelPositive systems are designed to provide for green ammonia production on-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end users clean fertilizer, energy and green ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer. For more information about the company, visit www.FuelPositive.com.
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