AMMPF - AmmPower agrees to acquire Progressus Clean Technologies

• AmmPower ( OTCQB:AMMPF ) to acquire 50.05% of the issued and outstanding common shares of Progressus Clean Technologies, a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies.
• Progressus' intellectual property has the potential to directly improve the ?efficiency of ammonia production through the extraction of hydrogen from dilute syngas.
• With the move, ?AmmPower expects to be able to use the Progressus hydrogen extraction technology in a ?variety of ammonia use cases.
• In consideration for the Progressus Shares, the company will issue an aggregate of 50M common shares of the company to the vendors at a deemed price of C$0.30/company share.
• The vendors have also agreed to provide to the company an aggregate loan of $500,000 payable as follows: $250,000 on the closing of the deal and $250,000 on the date that is 30 days following the closing of the deal.
• Both the initial loan and additional loan will bear an interest rate of 10% per annum, mature twelve months from the date of funding and be convertible into company shares at a deemed conversion price.

• The parties intend to complete the deal as soon as is practicable and, subject to satisfactory completion of customary closing conditions.

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