Key Highlights
- FuelPositive reported progress toward final certification for its FP300 on-farm green ammonia demonstration in Manitoba.
- The company said Intertek identified a small number of remaining tasks after a mid-October site inspection.
- FuelPositive proposed settling $304,533 of debt by issuing 5,536,964 share-and-warrant units, subject to TSX Venture Exchange approval.
FuelPositive Corp. (TSXV: NHHH) (OTCQB: NHHHF) says it has made progress preparing its FP300 on-farm green ammonia production system for a demonstration at the Hiebert farm in Sperling, Manitoba, following a mid-October site inspection by Intertek.
The company said Intertek’s inspection found that many critical components of the FP300 demonstration facility already comply with required Canadian certification requirements, and that only a small number of defined tasks remained ahead of an anticipated final certification inspection.
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FuelPositive said Intertek, Stantec, FuelPositive and its expanded Manitoba-based technical team met at the farm to review required modifications, equipment needs, procurement priorities and the work sequence. The company said it is integrating remaining electrical and mechanical work with qualified field resources and coordinating with specialized suppliers for remaining components, with a focus on local suppliers.
FuelPositive said documentation and regulatory submissions are progressing alongside preparations for system testing. It said it plans to coordinate the next Intertek inspection once the prescribed work is complete, and that final testing and system activation would follow after final certification and remaining regulatory approvals.
Stantec appointment and technical team additions
FuelPositive said it has appointed Stantec to assume project management, oversee engineering activities and support the company as it works through final provincial regulatory requirements with Manitoba Inspection and Technical Services and the provincial utility.
FuelPositive also said it has expanded field execution support through a network of chemical, electrical and mechanical service providers and contractors, equipment suppliers and technical specialists.
“FuelPositive has tasked Stantec with coordinating the remaining work under the Company’s oversight,” said Ian Clifford, Co-Founder and Chief Executive Officer.
The company said chemical engineering consultants Dogan Erdemir and Aysegul Yagmur Goren Kara have joined its technical team to support activation planning, testing, validation and optimization.
Proposed debt settlement
FuelPositive also proposed settling an aggregate of $304,533 in outstanding debt by issuing 5,536,964 units at a deemed price of $0.055 per unit. The release did not specify the currency for these amounts.
Each unit would include one common share and one common share purchase warrant. Each warrant would be exercisable at $0.08 for 60 months, and the company said it would have the right to accelerate the expiry if the 10-day volume-weighted average closing price of its common shares on the TSX Venture Exchange exceeds $0.40.
The company said the debt is owed to arm’s-length service providers, and that securities issued under the proposed settlement would be subject to a four-month-and-one-day resale restriction under applicable securities laws. Completion of the debt settlement remains subject to TSX Venture Exchange approval.
The original press release is available on stockhouse.com
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