Charbone Hydrogen takes step toward North American expansion with new financing
Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced the successful first closing of its $1 million non-brokered private placement, raising $700,000 to advance its flagship green hydrogen production facility in Quebec.
The plant is slated to begin operations in the coming weeks, Charbone said in a statement.
The facility, Charbone’s flagship, is expected to solidify the company’s role as a leader in green hydrogen.
Production will follow the delivery and installation of a pre-ordered electrolyzer, ready for shipment to the site.
Charbone is aiming to establish a network of 16 green hydrogen production plants across North America by 2030.
Dave Gagnon, CEO and Chairman of Charbone Hydrogen, said :
This financing reflects growing confidence in Charbone’s leadership in North America’s green hydrogen sector,
“We are on track to commence production and deliver near-term revenue, while pursuing our vision to establish a network of 16 modular hydrogen production facilities by 2030.”
The funds raised in the initial tranche will support engineering and construction at the Sorel-Tracy site, equipment procurement, and preparation for a larger financing round. Charbone has issued 13,100,100 units as part of the offering, with each unit priced at $0.05. Each unit comprises one common share and one purchase warrant, allowing the holder to buy an additional share at $0.05 within 12 months of the closing date.
Charbone plans to raise an additional $300,000 through a second tranche of the private placement, which is expected to close by December 12, 2024.
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Charbone Hydrogen takes step toward North American expansion with new financing, source
