Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has closed the third and final tranche of its $1 million non-brokered private placement.
This final tranche raised an additional $193,000 through the issuance of 3.85 units priced at $0.05 each.
Each unit comprised one common share and one share purchase warrant exercisable at $0.05 for 12 months.
The proceeds of the private placement will be allocated to engineering, equipment procurement, project preparation, and for future financing rounds.
Notably, the funds will support ongoing developments at Charbone’s flagship green hydrogen facility in Sorel-Tracy, Quebec, which is expected to begin production within weeks.
This facility marks the first of a planned network of 16 green hydrogen production sites across North America, slated for completion by 2030, Charbone highlighted.