PowerTap Announces Financing

VANCOUVER, British Columbia and ALISO VIEJO, Calif., June 28, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTND) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce a non-brokered private placement offering (the "Private Placement") of a minimum of 588,235 units (“Units”) and a maximum of 1,764,706 Units, for minimum gross proceeds of C$500,000 and maximum gross proceeds of C$1,500,000 (the "Offering").

Each Unit shall consist of one common share (each a “Share“) and one half of one common share purchase warrant (with two such half warrants being a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one additional Share of the Company at a price of $1.15 for a period of two years following the closing of the Private Placement (the "Expiry Day").

The Warrants are subject to an acceleration clause such that, if the price at which the Shares trade on the NEO Exchange is greater than $1.35 for 10 consecutive trading days any time after the closing date of the Offering, the Company may accelerate the Warrant expiry date by giving notice to the holder of the Warrants. In such case, the Warrants will expire at 5:00 p.m. (Toronto time) on the date which is the earlier of: (i) the 30th day after the date on which such notice is given by the Company; and (ii) the Expiry Day.

The Company intends to use the net proceeds of the Private Placement for product and manufacturing development; sales and marketing; and G&A. The Private Placement is expected to close on or before August 7, 2023.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers' resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). Because the Private Placement is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued in the Private Placement will not be subject to a hold period pursuant to applicable Canadian securities laws.