HydroGraph Closes Final Tranche of Oversubscribed Private Placement

Not for distribution to U.S. newswire services or dissemination in the United States

VANCOUVER, British Columbia, April 08, 2024 (GLOBE NEWSWIRE) -- HydroGraph Clean Power Inc. (CSE: ‎HG) (OTCQB: HGCPF) (the “Company” or “HydroGraph”) is pleased to announce that the Company has completed the final tranche (the “Final Tranche”) of its non-brokered private placement (the “Offering”), previously announced on Oct. 30, 2023. Pursuant to the Final Tranche, the Company issued an aggregate of 11,825,000 units of the Company (the “Units”) for aggregate gross proceeds of C$1,182,500. The Units were offered in U.S. dollars and Canadian dollars at the respective prices of US$0.074 and C$0.10. In total, HydroGraph sold and issued an aggregate of 31,711,856 Units for gross proceeds of approximately C$3.17 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 Final Tranche (the “Closing Date”), subject to an acceleration right (the “Warrant Acceleration Right“) exercisable by the Company, if on any 10 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.

“We are pleased to complete the final tranche of this offering that well exceeds our original target of $2 million and we would like to thank our loyal shareholders and new investors for their support,” commented Kjirstin Breure, president and interim CEO of HydroGraph. “Closing this funding round highlights the confidence investors have in the future of HydroGraph and the significant progress to date on commercializing a truly disruptive technology. With a strong team in place, I look forward to leading HydroGraph through this new stage of growth focused on securing our inaugural commercial contracts and advancing application development activities.”