Mr. David Bibby reports
HYPERCHARGE ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT, RAISING ADDITIONAL $844,835
Hypercharge Networks Corp. has closed the second and final tranche of its financing through the issuance of a further 12,997,461 units of the company at a price of 6.5 cents per unit for gross proceeds of $844,835.
Through both tranches of the financing, the company raised a total of $1,892,084 and issued 29,108,988 common shares and 29,108,988 warrants. The warrants which form part of the units are exercisable at 12 cents for three years from the date of issuance. If during the period beginning four months and one day after the closing date, the company's shares trade on the TSX Venture Exchange at or above a daily volume weighted average trading price of 20 cents per common share for 10 consecutive trading days, the company will be entitled to give notice that the warrants will expire 30 days from the date of providing such notice. The units are subject to a four-month-and-one-day hold period expiring on Aug. 24, 2025.
"Following the first tranche in March, continued investor engagement drove strong demand for the remainder of the financing," said David Bibby, president and chief executive officer of Hypercharge. "Surpassing our target is a strong signal of confidence in our direction. We're especially pleased to welcome new long-term-focused investors who recognize the strength of our platform and the opportunities ahead. This funding strengthens our position as we execute and prepare for the next phase of growth."
In connection with both tranches of the financing, the company paid an aggregate of $58,430 in cash finders' fees and issued an aggregate of 898,922 finders' warrants. All finders' warrants are exercisable for 36 months from the date of issuance at an exercise price of 1.2 cents.
The company intends to use the net proceeds from the second tranche for working capital and investments in sales and service capabilities.
The financing, including the payment of the finder's fee and issuance of the finders' warrants, is subject to final approval by the TSX Venture Exchange.
About Hypercharge Networks Corp.
Hypercharge Networks is a leading provider of smart electric vehicle (EV) charging solutions for residential and commercial buildings, fleet operations, and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift toward a carbon-neutral economy, Hypercharge is committed to offering seamless, simple solutions including industry-leading hardware, innovative and integrated software, and comprehensive services, backed by a robust network of public and private charging stations.
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