HGCPF - HydroGraph Announces Closing of Oversubscribed Private Placement | Benzinga
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All dollar amounts are in Canadian dollars unless otherwise indicated?.
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- HydroGraph Clean Power Inc. (CSE: ?HG) (OTCQB:HGCPF) (the "Company" or "HydroGraph") is pleased to announce that, further to its news releases dated May 22, 2024, and June 7, 2024, the Company has closed its non-brokered private placement (the "Offering"). Pursuant to the Offering, HydroGraph issued an aggregate of 23,099,044 units of the Company (the "Units") at a price of $0.16 per Unit for aggregate gross proceeds of $3,695,847.
?"I would like to thank our shareholders for their continued support and the support of new shareholders as we close on our oversubscribed financing," commented Kjirstin Breure, President and Interim CEO. "I look forward to focusing on our application development and scale up initiatives, as we move the company forward toward securing our first commercial contract in 2024."
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 $0.27 per Warrant Share for a period of 36 months after the closing date of the Offering (the "Closing Date").
The Company paid cash finders' fees to certain finders (the "Finders") equal to 7% of the gross ?proceeds raised by each Finder, and issued to Finders an aggregate of 972,554 finder warrants (each, a "Finder Warrant"), representing ??7% of the aggregate number of Units sold to purchasers introduced to the Company by such ?Finders.? 166,819 of such Finder Warrants entitle the holder thereof to acquire one Common Share at a price of C$0.27 per Common Share for a period of 36 months after the Closing Date, and the remaining 805,735 Finder Warrants entitle the holder thereof to acquire one finder unit (the "Finder ??Units") at a ?price of $0.175 for a period of 36 months from the Closing Date. Each Finder Unit will ?consist of one Common ?Share and one half ...