- Alkaline Fuel Cell Power (PWWR) is moving ahead with financing of up to C$1 million
- Outstanding amounts under the Convertible Note will be convertible at the option of the holders into common shares in the capital of the company, subject to the policies of the Neo Exchange
- The company expects to use these funds for general corporate and administrative purposes
- Alkaline Fuel Cell Power Corp. (PWWR) opened trading at $0.04 per share
Alkaline Fuel Cell Power (PWWR) is moving ahead with financing of up to C$1 million.
The convertible note financing will mature 36 months following the closing of the financing. Outstanding amounts under the Convertible Note will be convertible at the option of the holders into common shares in the capital of the company, subject to the policies of the Neo Exchange. The company will also issue 2 million common shares to the holders.
The company expects to use these funds for general corporate and administrative purposes.
Frank Carnevale, CEO of Alkaline Fuel Cell Power, commented that the team’s top priority this year is to secure additional access to cash.
“This additional $1 million convertible note financing, coupled with our access to our $4 million in convertible debt note financing announced on November 18, 2022, builds our capacity to support upcoming CHP projects, acquisitions, fuel cell business and working capital.”
Alkaline Fuel Cell Power Corp. (PWWR) is focused on the development, production, and ultimate commercialization of micro-combined heat and power (micro-CHP) systems based on alkaline fuel cell technology.
Alkaline Fuel Cell Power Corp. (PWWR) opened trading at $0.04 per share.