Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) said it has arranged a private placement offering of units of the company at a price of 6 cents per unit for aggregate minimum gross proceeds of $150,000 and aggregate maximum gross proceeds of $1.2 million.
The company said it intends to use the aggregate gross proceeds from the offering for acquisition capital, development capital for PWWR Flow Stream CHP projects and manufacturing capital for its wholly-owned subsidiary Fuel Cell Power NV, as well as for general administrative and working capital expenses.
Each unit in the offering will be comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of $0.15 per warrant share for a period of 24 months from the closing date.
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The company expects to close the offering on or before January 13, 2023.
The company may pay a finder's fee in connection with the offering to eligible arm's length finders in accordance with the policies of the NEO Exchange.
The offering is being completed under the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the offering will not be subject to a hold period in accordance with applicable Canadian securities laws.
Alkaline Fuel Cell Power is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech.
Contact the author at jon.hopkins@proactiveinvestors.com