FuelPositive Seeks Approval for Warrant Repricing
WATERLOO, Ontario, Aug. 21, 2023 (GLOBE NEWSWIRE) — FuelPositive Corporation (TSX.V: NHHH) (OTCQB:NHHHF) (the “Company”), a leading Green Ammonia company, announces that it has applied to the TSX Venture Exchange to amend (the “Amendment”) the terms of a series of 8,249,823 share purchase warrants (collectively, the “Warrants”). The Warrants are currently exercisable at a price of $0.34, with 3,044,000 expiring on August 21, 2023, and 5,205,823 expiring on September 5, 2023.
Under the terms of the Amendment, the exercise price of the Warrants would be reduced to $0.06. As an additional incentive to encourage the exercise of the Warrants, upon exercise of each Warrant, the holder would be entitled to receive one common share and one additional share purchase warrant (each, an “Incentive Warrant”). Each Incentive Warrant will be exercisable at a price of $0.09 for a period of thirty-six months, subject to accelerated expiry in the event the volume-weighted average closing price of the Company’s common shares on the TSX Venture Exchange exceeds $0.40 for ten consecutive trading days.
The Warrants were previously issued in connection with a non-brokered private placement completed by the Company, and not in compensation for any services provided to the Company. None of the Warrants are held by related parties or insiders of the Company, and no Warrants within this series have previously been exercised. Completion of the Amendment remains subject to the approval of the TSX Venture Exchange and will not take effect until such time as approval has been received.
For further information, please contact:
Ian Clifford
Chief Executive Officer and Board Chair
Ian@fuelpositive.com
www.fuelpositive.com
Investor Relations United States & International:
RB Milestone Group (RBMG)
fuelpositive@rbmilestone.com
Investor Relations Canada:
Transcend Capital
et@transcendcapitalinc.com
About FuelPositive
FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, “cradle to cradle” clean technology solutions, including an on-farm/onsite, containerized Green Ammonia (NH3) production system that eliminates carbon emissions from the production of Green Ammonia.
By focusing on technologies that are clean, sustainable, economically advantageous and realizable, the Company aims to help mitigate climate change, addressing unsustainable agricultural practices through innovative technology and practical solutions that can be implemented now. The FuelPositive on-farm/onsite, containerized Green Ammonia production system is designed to produce pure, anhydrous ammonia for multiple applications, including fertilizer for farming, fuel for grain drying and internal combustion engines, a practical alternative for fuel cells and a solution for grid storage. Green Ammonia is also considered a key enabler of the hydrogen economy.
FuelPositive systems are designed to provide for Green Ammonia production on-farm/onsite, where and when needed. This eliminates wildly fluctuating supply chains and offers end-users clean fertilizer, energy and Green Ammonia supply security while eliminating carbon emissions from the production process. The first customers will be farmers. Farmers use 80% of the traditional grey ammonia produced today as fertilizer.
See pre-sale details here: https://fuelpositive.com/pre-sales/.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) that are based on expectations, estimates and projections as of the date of this news release. The information in this release about future plans and objectives of the Company, including the expected Amendment, are forward-looking statements.
These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking information is provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law.
