Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) has completed the second tranche of a $1 million fundraiser to accelerate completion of its flagship hydrogen production site.
Some $0.163 million was raised through the second tranche, taking proceeds from the non-brokered private placement to $0.818 million so far, Charbone said on Tuesday.
A total of 3.26 million units, comprising of a share and purchase warrant, were sold at a price of $0.05 each.
Charbone said the funds had been secured as the company worked to start production at its facility in Sorel-Tracy, Quebec over the coming weeks.
Proceeds would go to engineering and construction at the site, equipment procurement and infrastructure development, as well as project management and preparation for a larger financing round, the company added.
Charbone also highlighted plans to deliver a network of 16 green hydrogen production facilities across North America by 2030, with the Sorel-Tracy site set to establish it as a first mover.
Production at the first was due to begin once a pre-ordered and ready-for-shipment electrolyzer had been shipped and delivered, Charbone noted.