FuelPositive (TSX.V: NHHH) (OTCQB: NHHHF), a leading green ammonia company, today announced completion of the previously disclosed settlement of $1,436,248 of outstanding indebtedness owing to certain arms-length parties and the issuance of 22,096,123 units, each at a price of $0.065. Each unit consists of one common share of FuelPositive and one common share purchase warrant (each, a “warrant”) entitling the holder to acquire an additional common share at a price $0.09 until July 28, 2026. 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, FuelPositive retains the option to accelerate the expiry date of the warrants to thirty days after a public announcement of the election. In accordance with applicable laws, all securities issued in connection with the settlement are subject to restrictions on resale until Nov. 29, 2023. The company also reached agreements with certain additional arm’s-length creditors to settle further outstanding indebtedness totaling $344,361 as detailed in the announcement. “We would like to express our gratitude to the numerous suppliers and lenders who have actively participated in this conversion opportunity,” said Ian Clifford, CEO and board chair of FuelPositive. “Their support and collaboration have been instrumental in directing additional operating capital towards our commercialization endeavors and strengthening our balance sheet.”
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About FuelPositive Corporation
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 at https://fuelpositive.com/pre-sales.
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