HydroGraph Announces Closing of Second Tranche of Private Placement

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VANCOUVER, British Columbia, Feb. 26, 2024 (GLOBE NEWSWIRE) -- HydroGraph Clean Power Inc. (CSE: ‎HG) (OTCQB: HGCPF) (the “Company” or “HydroGraph”) announces that the Company has closed the second tranche (the “Second Tranche”) of its non-brokered private placement (the “Offering”) previously announced on October 30, 2023. Pursuant to the Second Tranche, the Company issued an aggregate of 9,626,000 units of the Company (the “Units”) for aggregate gross proceeds of C$962,600. The Units were offered in US dollars and Canadian dollars at the respective prices of US$0.074 and C$0.10. To date, HydroGraph has sold and issued an aggregate of 19,886,856 Units for gross proceeds of approximately C$1.99 million pursuant to the Offering.

‎Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (each a “Warrant Share”) at a price of C$0.18 per Warrant Share for a period of 24 months after the closing date of the Second Tranche (the “Closing Date”), subject to an acceleration right (the “Warrant Acceleration Right“) exercisable by the Company, if on any ten consecutive trading days the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange is C$0.28 or greater per Common Share. If the Company exercises its Warrant Acceleration Right, the new expiry date of the Warrants will be the 30^th day following the notice of such exercise.

The Company paid cash finders’ fees to a finder (the “Finder”) equal to 7% of the gross ‎proceeds raised by the Finder, and issued broker warrants (each, a “Broker Warrant”) equal to ‎‎7% of the aggregate number of Units sold to purchasers introduced to the Company by the ‎Finder. Each Broker Warrant entitles the holder thereof to acquire one broker unit (the “Broker ‎Units”) at a ‎price of $0.10 for a period of two years from the Closing Date. Each Broker Unit will consist of one Common ‎Share and one half of one common share purchase warrant (each whole warrant, a “Broker Unit ‎Warrant”). Each Broker Unit Warrant will be exercisable to purchase an additional Common ‎Share at a price of $0.18 per Common Share for a period of two years from the Closing Date.‎