Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has closed a non-brokered private placement where it issued 16,992,440 units for gross proceeds of $849,622.
The company said the proceeds of the offering will be used to finance its operations at the Sorel-Tracey green hydrogen project in Quebec, Canada and to prepare for a potential significant financing transaction.
Each of the units issued, priced at $0.05, included one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase an additional share for $0.05 for 12 months following the offering’s closing date.
The company paid a finder’s fee of $29,300 and issued 586,000 finder’s warrants to a registered dealer in connection with the sale of certain units to a qualified subscriber brought to the company by the dealer.
Charbone Hydrogen is a green hydrogen group established in North America.