FuelPositive (TSX.V: NHHH) (OTC: NHHHF) has announced that it has closed on a private subscription agreement with specific institutional investors in the United States. The placement resulted in an estimated CAD$5 million gross proceeds for the company. The private placement offering included 20,833,333 common shares and warrants offered at a purchase price of CAD$0.24 per common share and associated warrant. The announcement noted that the warrants have an exercise price of CAD$0.275 per common share with an exercise period of five years. FuelPositive noted that it intends to use the net proceeds from the placement to rapidly advance the production of its phase 2 commercial clean NH3 (“NH3”) demonstration systems as well as for general corporate purposes.
In addition, FuelPositive announced that it was featured in a broadcast via NetworkNewsAudio (“NNA”), a solution that delivers additional visibility, recognition and brand awareness in the investment community via distribution to thousands of syndication points. The audio press release covers the company’s recent filing of a patent application for its “Modular Transportable Clean Hydrogen-Ammonia Maker” with the United States Patent and Trademark Office. “Our carbon-free ammonia (‘NH3’) technology will offer tremendous value by using less energy than incumbent technologies and will reduce processing costs through the reduction of operating pressure and temperatures,” said Ian Clifford, CEO of FuelPositive. “This milestone for FuelPositive further reinforces the potential for the global implementation of our technology, and we are working rapidly toward commercialization, with Phase 2 commercial demonstration systems well on their way to being realized.”
About FuelPositive Corporation
FuelPositive is a Canadian-based growth stage company committed to providing commercially viable and sustainable energy solutions, including clean ammonia (“NH3”), for use across a broad spectrum of industries, systems and applications. For more information about the company, please visit www.FuelPositive.com.
NOTE TO INVESTORS: The latest news and updates relating to NHHHF are available in the company’s newsroom at https://ibn.fm/NHHHF
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