Hybrid Power Solutions Raises CDN$617,500 in Private Placement
News related to:Hybrid Power Solutions Inc · 2 min read
Hybrid Power Solutions Inc., a Canadian manufacturer of portable and fuel-free power solutions, has announced the successful closing of a non-brokered private placement. The company issued 12,350,000 units at a price of CDN$0.05 per unit, raising a total of CDN$617,500 in gross proceeds. Each unit consists of one common share and one common share purchase warrant.
The warrants, which are exercisable at an exercise price of CDN$0.06, have a term of 24 months from the closing date of the Offering. There is an acceleration clause in place: if, on any 20 consecutive trading days after four months and one day from the Closing, the closing sales price of the common shares is greater than a weighted average price of CDN$0.15, the Company may accelerate the expiry date of the warrants by issuing a news release. In such a case, the warrants will expire on the 30th day after the date of such news release.
In connection with the Offering, Hybrid Power Solutions paid a total of CDN$14,370 in cash finder’s fees to arm’s length finders and issued 287,400 finder warrants. Each finder warrant entitles the holder to acquire one common share at a price of CDN$0.06 for a period of 24 months from the Closing.
All securities issued under the Offering are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. This hold period will expire on January 19, 2027.
The net proceeds from the Offering are expected to be used to repay outstanding convertible debenture indebtedness and for general working capital and corporate purposes. The Company remains subject to final acceptance of the Canadian Securities Exchange (CSE).
Hybrid Power Solutions Inc. is a Canadian clean energy innovator listed on the Canadian Securities Exchange under the symbol "HPSS." The company specializes in developing portable power systems that eliminate the need for fossil fuels in off-grid and remote applications. With a focus on environmental responsibility and technological innovation, Hybrid Power Solutions is committed to leading the clean energy transition.