PowerTap Hydrogen Capital Corp. (“PowerTap” or “MOVE”), headquartered in Vancouver, British Columbia and Aliso Viejo, California, is excited to announce the initiation of a non-brokered private placement offering (the “Private Placement”). This offering is anticipated to consist of a minimum of 588,235 units (“Units”) and a maximum of 1,764,706 Units, aiming to generate minimum gross proceeds of C$500,000 and maximum gross proceeds of C$1,500,000 (the “Offering”).
Each Unit will be made up of one common share (“Share“) and one half of one common share purchase warrant (two half warrants will constitute a “Warrant”). Each Warrant will give the holder the right to purchase one additional Share of the Company at a price of $1.15 for two years following the closing of the Private Placement (the “Expiry Day”).
The Warrants will be subject to an acceleration clause. If the Shares’ trading price on the NEO Exchange exceeds $1.35 for 10 consecutive trading days after the Offering’s closing date, the Company may advance the Warrant expiry date by notifying the Warrant holders. Under these circumstances, the Warrants will expire at 5:00 p.m. (Toronto time) on the earlier date between: (i) the 30th day after the date the Company issues such notice, and (ii) the Expiry Day.
PowerTap plans to allocate the net proceeds of the Private Placement to product and manufacturing development, sales and marketing, and G&A. The Private Placement is slated to close on or before August 7, 2023.
As per National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) and pending compliance with applicable regulatory requirements, the Units will be offered to purchasers residing in Canada (excluding Quebec) and/or other qualifying jurisdictions under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). Given that the Private Placement is being executed under the Listed Issuer Financing Exemption, the securities issued in the Private Placement won’t be subject to a hold period as per relevant Canadian securities laws.
The offering document related to this Private Placement is accessible via the Company’s profile at www.sedar.com and on https://ir.powertapcapital.
The Private Placement’s completion is subject to NEO Exchange’s approval. The Company might compensate eligible finders with a finder’s fee comprising up to 7% of the Offering’s gross proceeds and non-transferable finder’s warrants of up to 7% of the number of Units purchased. These finder’s warrants will give the holder the right to acquire one common share of the Company at a price of $1.15 for a period of 24 months from the date of issuance.
About PowerTap Hydrogen Capital Corp.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
www.PowerTapcapital.com
www.PowerTapfuels.com
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