Brossard, QC – CHARBONE HYDROGEN Corporation (TSXV:CH) (“Charbone”) is announcing the execution of an extension with Northwoods for the execution of the Purchase and Sale Agreement (the “PSA”) for the Tower Kleber Limited Partnership and the Black River Limited Partnership (collectively, the “Limited Partnerships”) that was to be concluded on or before December 22, 2022, to January 16, 2023. The Parties have agreed to extend the execution and give more time to both parties to draft and review the PSA after the holidays and give Charbone time to integrate the Shawano acquisition into its organization.
Charbone is also announcing that it and Mr. Stéphane Dallaire, Executive Vice President of Charbone, have agreed to part ways, effective immediately. In addition, Charbone has accepted to settle the $111,601 owing from Mr. Dallaire in consideration for his services rendered to the company. Consequently, common shares held by Fiducie Jurafe, Mr. Dallaire’ trust, will be released in accordance with the terms of the Escrow Agreement dated April 21, 2022. The company wishes Mr. Dallaire well in his future endeavors.
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About Charbone Hydrogen Corporation
Charbone is a Canadian green hydrogen company established in North America. The company’s strategy consists in developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States of America and Canada, Charbone intends to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a supplier of an environmentally friendly solution for industrial and commercial companies.
About Northwoods
Northwoods, Wolf River Hydro Limited Partnership, Tower Kleber Limited Partnership and Black River Limited Partnership are U.S. based businesses, wholly owned by a Canadian family, that have been operating the Michigan and the Wisconsin hydropower plants for over 20 years.
