FuelPositive Announces Closing of First $3.5 Million Tranche of Private Placement and Debt Conversion

WATERLOO, Ontario, June 21, 2023 (GLOBE NEWSWIRE) -- FuelPositive Corporation (TSX.V: NHHH) (OTCQB:NHHHF) (the “Company”), a leading Green Ammonia company is pleased to announce that it has completed the first tranche of its $7,500,000 non-brokered private placement and has issued 53,870,699 units (each, a “Unit”), at a price of $0.065 per Unit, for gross proceeds of $3,501,595. Each Unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”), allowing holders to purchase an additional common share at an exercise price of $0.09 until June 21, 2026. In the event the volume-weighted average closing price of the Company's common shares on the TSX Venture Exchange exceeds $0.40 for ten consecutive trading days, the Company retains the option to accelerate the expiry date of the Warrants to thirty days after a public announcement of the election.

“We are extremely pleased with closing the first $3,500,000 tranche of our active $7,500,000 financing,” says Ian Clifford, CEO and Board Chair of FuelPositive. “We are grateful to our existing shareholders for their ongoing support and welcome many new strategic investors who share FuelPositive’s values and goals. This is an important financial milestone that provides the necessary runway to reach several major milestones this year. We look forward to updating our shareholders on our progress over the coming months. Stay tuned as the coming months should be the most exciting in our Company’s history.”

The first tranche of the Offering was completed pursuant to the Listed Issuer Financing Exemption (the “LIFE Exemption”) as outlined in Part 5A of National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”). As a result, the Units issued to subscribers in the first tranche of the Offering are not subject to resale restrictions in accordance with Canadian securities laws.

The Company intends to conduct a further tranche of the Offering to bring the total gross proceeds from the Offering up to $7,500,000. This additional tranche of the Offering is expected to be completed on or before June 30, 2023. It will be open to purchasers pursuant to the Accredited Investor Exemption outlined in Part 2 of NI 45-106, as well as to purchasers resident in Canada pursuant to the LIFE Exemption. An offering document related to the portion of the Offering conducted under the LIFE Exemption is accessible under the Company’s profile at www.sedar.com and on the Company’s website at: www.fuelpositive.com. Prospective investors should read this offering document before making an investment decision.