- FuelPositive recently announced a non-brokered private placement to raise up to $7.5 million, which is active now
- According to the company, net proceeds from the placement will be directed toward further development of demonstration systems for its on-site green ammonia production systems as well as working capital requirements
- As of early May, commissioning of the first farm-ready demonstration unit was nearing completion, with the company having kicked off production of its first commercial systems
- FuelPositive will deliver the demonstration system to a farm in Manitoba, Canada, and expects to gather real-time usage data that will shape future systems being built concurrently with the initial demonstration system
FuelPositive (TSX.V: NHHH) (OTCQB: NHHHF), a green technology company committed to developing commercially viable and sustainable onsite containerized green ammonia production systems, announced plans to raise up to $7.5 million by way of a non-brokered private placement. The net proceeds from this placement, the company said, will be channeled toward further development of demonstration systems for its green ammonia production solution, general working capital, and payment of services provided to FuelPositive in the ordinary course of business (https://nnw.fm/8xSZr).
“We anticipate that the enhanced liquidity resulting from this offering will contribute to greater growth for the company. The company’s pioneering green ammonia technology and decentralized business model hold immense potential to reshape the ammonia industry, fostering a greener future for generations to come. The net proceeds from this financing will help ensure FuelPositive’s leadership and ‘first-mover’ position in the multi-billion dollar sustainable and green ammonia industry,” said Ian Clifford, FuelPositive’s Board Chair and CEO.
The placement will consist of up to 115,384,615 units of the company, each priced at $0.065. Each unit comprises one common share of the company and one common share purchase warrant, allowing holders to purchase an additional common share at an exercise price of $0.09 within 36 months following the closing date of the placement. If the volume-weighted average closing price of FuelPositive’s common shares on the TSX Venture Exchange exceeds $0.40 for ten consecutive trading days, FuelPositive may choose to accelerate the expiry date of the warrants to 30 days after a public announcement of the election.
According to Clifford, the placement incorporates the newly implemented Listed Issuer Financing Exemption (“LIFE”), allowing both accredited and non-accredited investors to participate equally in the company’s financings. FuelPositive also announced that the securities issued in the placement pursuant to LIFE would not be subject to a hold period per Canadian securities law, while all other securities would be subject to a statutory hold period of four months and one day following issuance.
The upcoming placement is expected to support FuelPositive’s efforts to revolutionize the green ammonia industry by commercializing production solutions to produce green ammonia when and where it’s needed. Already, the company has begun running the final commissioning of the first farm-ready demonstration system, a production unit capable of producing300 kg per day of green anhydrous ammonia or a little over 100 metric tons per year, according to a May 2 news release (https://nnw.fm/MURfH). Aptly named the FP300 model, this system is set to be delivered to the 11,000-acre crop farm of Tracy and Curtis Hiebert, where it will be heavily monitored for a full year, with the results shaping future systems being built concurrently with the initial demonstration system.
FuelPositive’s partnership with the Hieberts also includes a provision that may see the company piloting up to three versions of the demonstration systems on the farm (https://nnw.fm/3vGAw). The planned financing will, therefore, be integral in helping the company achieve this and other targets.
In addition to reporting that the final commissioning is underway, FuelPositive also announced it had started production of its first commercial systems. Having successfully met its planned pre-sales capacity of 30 units, the company plans to deliver the first batch of FP300 commercial systems beginning in 2024.
FuelPositive also announced its latest model, the FP1500, a turnkey system that upsizes the daily output of green anhydrous ammonia to 1,500 kg. or 500 metric tons per year. According to the company, the decision to offer this larger system was influenced by customer demand from its pre-sales campaign. “Multiple end-users in various sectors, including farms of 10,000+ acres, have indicated the immediate need of FuelPositive systems of this scale and configuration. The FP1500 will answer this larger scale, onsite need,” explained Clifford.
For more information, visit the company’s website at www.FuelPositive.com.
NOTE TO INVESTORS: The latest news and updates relating to NHHHF are available in the company’s newsroom at https://nnw.fm/NHHHF
About NetworkNewsWire
NetworkNewsWire (“NNW”) is a financial news and content distribution company, one of 50+ brands within the InvestorBrandNetwork (“IBN”), that provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information, please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)waa
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork
No comments:
Post a Comment