CHARBONE HYDROGEN CORPORATION (TSXV: CH; OTCQB: CHHYF; FSE: K47) announced the closing of the second and final tranche of its non-brokered private placement, which was oversubscribed at a total of $1.013 million. The Company issued 9,183,334 Units at $0.06 per Unit in the second tranche, each consisting of one common share and one warrant exercisable at $0.08 for 24 months.
Proceeds from the Equity Offering will be allocated primarily to the purchase and re-installation of operating hydrogen equipment at the Sorel-Tracy site, infrastructure development, and general working capital. The Company paid a finder's fee of $22,160 and issued 369,333 finder's warrants to registered dealers. All securities issued are subject to a four-month-and-one-day hold period in Canada.
CEO Dave B. Gagnon expressed satisfaction with the strong investor interest, stating that the financing provides resources to advance the re-installation of hydrogen equipment and build the infrastructure underpinning the long-term growth strategy. The successful raise demonstrates investor confidence in CHARBONE's vision to deliver clean ultra high purity (UHP) hydrogen across North America.
CHARBONE is an integrated company specializing in clean UHP hydrogen and the strategic distribution of industrial gases in North America and Asia-Pacific. Through a modular approach, it is building a distributed network of green hydrogen production plants while diversifying revenues via helium and specialty gas partnerships. This disciplined model reduces risk and positions the Company as a leader in the low-carbon transition.
The offering was made under accredited investor exemptions and remains subject to TSX Venture Exchange approval. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption.
Forward-looking statements in this release involve risks and uncertainties, as described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, available on SEDAR at www.sedar.com.
