Hybrid Power closes $1.01M first tranche of offering

Executive Summary

• Hybrid Power Solutions Inc. has closed the first tranche of its Listed Issuer Financing Exemption (LIFE) offering, raising gross proceeds of approximately $1.01 million.
• The company issued 16,914,999 units at a price of $0.06 per unit, with each unit comprising one common share and one common share purchase warrant.
• Net proceeds are designated for company operations, R&D, sales growth, marketing, and general corporate purposes.

Key Details

• Gross Proceeds: $1,014,899.94
• Units Sold: 16,914,999 units
• Price Per Unit: $0.06
• Unit Composition: Each unit consists of one common share and one whole common share purchase warrant.
• Warrant Terms:
  • Each warrant is exercisable to acquire one common share.
  • Exercise Price: $0.10 per share.
  • Expiration: 24 months from the date of issuance.
  • Acceleration Clause: If the closing price of common shares is at or above $0.20 for 20 consecutive trading days, the company may accelerate the expiry date by giving 30 days' notice.
• Use of Proceeds: Company operations, product and company research and development, sales growth initiatives, marketing, general corporate purposes, and administrative expenses.
• Finder’s Fees:
  • Cash fee: 6% of gross proceeds raised from subscribers introduced by finders.
  • Finder’s Warrants: Non-transferable warrants issued to finders, entitling holders to acquire shares equal to 6% of the number of shares sold to introduced subscribers.
  • Finder’s Warrant Terms: Exercisable for one share at $0.10 per share for 24 months from closing.
• Regulatory Status: Offering completed under the Listed Issuer Financing Exemption (NI 45-106). Securities are expected to be immediately freely tradable in Canada (excluding Quebec) and offshore jurisdictions. No hold period applies in Canada.
• Conditions: Completion subject to regulatory approvals, including the Canadian Securities Exchange.

Notable Quotes

• No direct quotes from management were included in the provided text.