IPOS - HydroGraph Announces Closing of First Tranche of Private Placement | Benzinga
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VANCOUVER, British Columbia, Dec. 01, 2023 (GLOBE NEWSWIRE) -- HydroGraph Clean Power Inc. (CSE: ?HG) (OTCQB:HGCPF) (the "Company" or "HydroGraph") is pleased to announce that the Company has completed the first tranche of its non-brokered private placement (the "Offering") previously announced on October 30, 2023. Pursuant to the first tranche of the Offering, the Company issued an aggregate of 10,260,856 units of the Company (the "Units") for aggregate gross proceeds of approximately C$1.03 million. The Units were offered in US dollars and Canadian dollars at the respective prices of US$0.074 and C$0.10. The majority of the proceeds were provided by new US-based subscribers but also included an investment by Gulf Cryo, LLC, a major industrial gas company based in Dubai.
Certain insiders of the Company participated in the first tranche of the Offering and subscribed for a total of 1,622,135 Units for gross proceeds of approximately C$163,000, with management including insiders subscribing to 2,372,135 Units for gross proceeds of approximately C$240,000 in total. Each of the ?insiders is a related party of ?HydroGraph, and therefore the Offering is considered a "related party transaction" ?subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special ?Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation ?and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(1)(a) ?of MI 61-101 on the basis that participation in the Offering by insiders did not exceed 25% of the Company's market capitalization.?
?Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (each a "Warrant Share") at a price of C$0.18 per Warrant Share for a period of 24 months ...