Energy Plug Technologies Corp. is pleased to announce that, further to its press releases dated January 22, 2025, it has closed the first tranche of its non-brokered private placement raising gross proceeds of $1,167,999 through the issuance of 7,786,660 units (each, a “Unit”) at a price of $0.15 per Unit (the “Private Placement”). Each unit is comprised of one common share and one common share purchase warrant (the “Warrant”) having an exercise price of $0.25 per share and a term of one year from the date of closing of the Private Placement (the “Closing Date”).
“We are thrilled to announce an oversubscribed placement in the Company.” said Paul Dickson, CEO of Energy Plug Technologies.
The securities issued as part of the Private Placement will be subject to a regulatory hold period of four months plus one day from the date of issue. The Company intends to use the net proceeds raised from the Private Placement for general working capital purposes.
In connection with a portion of the closing of the first tranche, an aggregate 529,066 Finders Warrants (311,999 to Haywood Securities Inc., 162,667 to Ventum Financial Corp., and 54,400 to Research Capital Corporation) were issued to certain finders. The Finder’s Warrants have the same terms as the warrants issued with the Units.
