FuelPositive Corporation Announces Completion of Private Placement, Exercise of Warrants and US-Based IR Firm Engagement
TORONTO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (“FuelPositive” or the “Company”) has completed its previously announced non-brokered private placement (the “Offering”) through the issuance 10,000,000 units (each, a “Unit”). The Units were issued at a price of $0.10 per Unit for gross proceeds of $1,000,000. Each “Unit” consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”) exercisable to acquire an additional common share at a price of $0.12 until February 22, 2023. The Warrants are subject to accelerated expiry in the event the closing price of the common shares of the Company on the TSX Venture Exchange is $0.20 or more for a period of ten consecutive trading days on or after the date which is four-months-and-one-day from the date of issuance.
The Company anticipates utilizing the proceeds of the Offering for general working capital and corporate purposes. In connection with completion of the Offering, the Company paid $35,000 and issued 350,000 Warrants to an arms-length party in connection with the introduction of subscribers to the Offering. All securities to be issued in connection with the Offering are subject to statutory restrictions on resale until June 23, 2021.
In addition to the Offering, the Company has realized gross proceeds of $773,300 from the exercise of a total of 8,233,000 common share purchase warrants since February 1, 2021.
Ian Clifford, Founder and CEO of FuelPositive commented: “The team is greatly encouraged by the clear support in the market for our current initiatives. There is a deep and growing awareness that the replacement of fossil fuels with scalable non-polluting alternatives is finally upon us, and we intend to lead the way with viable solutions.”
The Company is also pleased to announce that it has entered into a service agreement with RB Milestone Group LLC (“RBMG”) to provide corporate communications and investor relations advisory services for an initial term of twelve months. During the initial term, RBMG has been engaged for services paid in cash and has not been granted any equity by FuelPositive as compensation.
Ian Clifford, Founder and CEO of FuelPositive commented: “RBMG brings a unique perspective and disciplined approach to building our value proposition in the vast US markets. Their track record speaks for itself.” Trevor Brucato, Managing Director of RBMG added: “We look forward to working with the FuelPositive team and introducing their sustainable energy solutions to a wider audience within the investment community.”
About FuelPositive
FuelPositive is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications. FuelPositive’s foundational technology is based on its high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About FuelPositive” paragraph which essentially describes the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation 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 statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Ian Clifford
Chief Executive Officer
416-535-8395 ext.3
mailbox1@fuelpositive.com
Investor Relations (United States)
RBMG – RB Milestone Group LLC
Trevor Brucato, Managing Director
fuelpositive@rbmilestone.com
www.rbmilestone.com
