First Hydrogen to issue 129,560 shares to settle debt

Executive Summary

• First Hydrogen Corp. proposes to settle up to $62,189.50 of accrued interest by issuing 129,560 common shares at a deemed price of $0.48 per share.
• The settlement applies to two series of unsecured convertible debentures (8% due 2026 and 9% converted in 2025).
• All securities issued under the settlement will be subject to a four‑month‑and‑one‑day hold period and require approval from the TSX Venture Exchange.

Key Details

• Settlement amount: $62,189.50 of accrued and owing interest.
• Shares to be issued: 129,560 common shares at a deemed price of $0.48 per share.
• Applicable debentures:
• 8.0% unsecured convertible debentures, issued July 9 2024, maturing July 9 2026; interest continues to accrue at 8% annually until maturity.
• 9.0% unsecured convertible debentures, principal converted into shares on June 9 2025, June 11 2025 and Aug. 13 2025 (originally issued Nov. 22 2023).
• Hold period: All securities issued pursuant to the settlement are subject to a four‑month‑and‑one‑day hold period from the closing date.
• Regulatory condition: Settlement is subject to approval by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)