Cleantech Power Corp. Announces Warrant Amendments

TORONTO, May 05, 2023 (GLOBE NEWSWIRE) -- Cleantech Power Corp. (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: 77R, WKN: A3CTYF) (“PWWR” or the “Company”), a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech, is pleased to announce that the Company has applied to the NEO Exchange (the “Exchange”), to amend the terms of 44,163,554 common share purchase warrants (the “Warrants”) issued pursuant to the non-brokered private placements of units which closed on April 1, 2021, April 7, 2021 and May 7, 2021 (“Warrant Amendments”).

The Warrants are currently due to expire on May 7, 2023 and the Company has applied to the Exchange to extend the expiry date of the Warrants to August 7, 2023. The exercise price of the Warrants will remain at $0.20. The Company does not view the Warrant Amendments as material and therefore, disinterested shareholder approval is not required pursuant to the policies of the Exchange, and the Exchange has accepted the extension. The Warrant Amendments were passed unanimously by the board of directors of the Company.

Of the 44,163,554 Warrants subject to the Warrant Amendments, there are three (3) registered holders of the Warrants who are deemed Insiders (as such term is defined in the Exchange policies) of the Company (the “Impacted Insiders”). The Impacted Insiders hold an aggregate of approximately 681,515 Warrants representing 1.54% of the Warrants subject to the Warrant Amendments.

Any subsequent amendments to the Warrants, if sought by the Company, will require disinterested shareholder approval (as required by the Exchange policies), including any amendments to the Warrants that the Company would otherwise deem non-material.

The Company confirms that there is no undisclosed material information relating to the Company that has not been disclosed at this time.

CLEANTECH POWER CORP. (NEO: PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power assets and cleantech. We bring ‘Power to the People’ today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.

PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.

Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter, Facebook, LinkedIn, Instagram, TikTok and YouTube. Common shares are listed for trading on the NEO under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “PWWRF” and on the Frankfurt Exchange under symbol “77R” and “WKN A3CTYF”.