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Ammpower Corp
Symbol AMMP
Shares Issued 93,187,064
Close 2022-09-26 C$ 0.345
Recent Sedar Documents

Ammpower closes $1.09-million first tranche financing

2022-09-26 18:23 ET - News Release

Mr. Gary Benninger reports

AMMPOWER CORP. ANNOUNCES CLOSING OF THE FIRST TRANCHE OF ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT

Further to its news release dated Sept. 15, 2022, Ammpower Corp. has closed the first tranche of its non-brokered private placement, having issued 4,769,739 units at a price of 23 cents per unit, for gross proceeds of $1,097,039.97.

Each unit comprises one common share of the company and one common share purchase warrant, with each warrant entitling the holder to acquire one share at a price of 31 cents until Sept. 26, 2024.

In connection with the offering, the company also paid finders fees in the aggregate of $62,751.19 in cash and 255,440 non-transferable finder warrants. Each finder warrant is exercisable into one share at an exercise price of 31 cents until Sept. 26, 2024.

The company intends to use the net proceeds raised from the offering for general working capital purposes.

All securities issued in the offering will be subject to a statutory four-month hold period.

About Ammpower Corp.

Ammpower is a clean energy company focused on the production of green ammonia. The company is based in Toronto, Ont., with a research and manufacturing facility in southeast Michigan. The company is active in all facets of green ammonia production, including the production of green fertilizers, carbon-free shipping fuel, and the cracking, or moving of green hydrogen as ammonia. The company is working on the development of proprietary technologies to produce green ammonia and green hydrogen at scale, including the investigation of unique catalytic reactions to bring down costs and to take advantage of carbon credits in the renewable energy space. Ammpower currently holds several LOIs (letter of intent) with ports in Brazil and the United States, and is currently completing its IAMM prototype to create green ammonia for the agricultural industry. The company also holds a lithium exploration property in the James Bay/Eeyou Istche region of Quebec and an option on the Titan property located in Klotz Lake area in Northwestern Ontario.

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