TORONTO — Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (“AFCP” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to the closing of a convertible note (the “Convertible Note”) financing in an aggregate amount C$4,000,000 (the “Financing”).“We are pleased with the support of our investors for this Financing,” said Frank Carnevale, Chief Executive Officer. “The Financing will assist with our working capital and allow the Company to focus on developing affordable renewable energy projects.”
The Convertible Notes allow the Company to access up to C$4,000,000 on an aggregate basis and can be drawn on at the request of the Company. The Convertible Notes will mature November 18, 2025 (the “Maturity Date”). Outstanding amounts under the Convertible Notes will be convertible at the option of the holders (the “Holders”) into common shares in the capital of the Company (the “Common Shares”) at a conversion price of $0.10 per Common Share, at any time prior to the Maturity Date, subject to the terms of the Convertible Note. The Convertible Notes bear an interest of 10% compounded monthly which will be applied to all outstanding amounts drawn under the Convertible Notes. In consideration for entering into the Financing, the Company has issued an aggregate amount of 20,000,000 Common Share purchase warrants (the “Warrants”) to the Holders. Each Warrant will entitle the Holders thereof to acquire one Common Share at a price of $0.15 for a period of 36 months.
Any funds drawn under the Convertible Notes, will be used for general corporate and administrative purposes.
All securities issued in connection with the Financing are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws, during which time the securities may not be traded.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR)
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People’ today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams (“PWWR Flow”), an AFCP brand in Canada.
- Fuel Cell Power NV is focused on the development, production and commercialization of micro- combined heat and power (“micro-CHP”) systems and off-grid and back-up power generators based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
- PWWR Flow is focused on the development, ownership and operations of combined heat and power (“CHP”) assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks
