CORRECTION FROM SOURCE: H2 Portable Announces Launch of C$15M Subscription Receipt Financing

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Correction: The last sentence of the third paragraph should have stated "24 months" and not "36 months". The corrected release is below in its entirety.

VANCOUVER, BC / ACCESSWIRE / March 15, 2024 / Loop Energy Inc. (the "Company" or "Loop") (TSX:LPEN) and H2 Portable Power Corp. ("H2P") are pleased to announce that H2P has engaged ATB Securities Inc. (the "Lead Agent") to act as lead agent and sole bookrunner in connection with a brokered best efforts private placement offering of up to 8,575,000 subscription receipts of H2P (each, a "Subscription Receipt") at a price of C$1.75 per Subscription Receipt (the "Issue Price"), for gross proceeds of up to approximately C$15,000,000 (the "Offering").

The Offering is being completed in connection with the proposed three-cornered amalgamation involving Loop and H2P (the "Proposed Transaction") pursuant to an amalgamation agreement dated February 9, 2024 (the "Amalgamation Agreement") as previously announced in the press release of Loop and H2P dated February 12, 2024. The Proposed Transaction will constitute a backdoor listing of H2P under the policies of the Toronto Stock Exchange (the "TSX").

Terms of the Offering

Each Subscription Receipt will, upon satisfaction of the Escrow Release Conditions (as defined below) prior to the Termination Date (as defined below), entitle the holder thereof, without payment or any additional consideration or further action on the part of the holder, to receive one unit of H2P (each, a "Unit") consisting of one (1) common shares in the capital of H2P (the "H2P Shares") and one-half (1/2) of one H2P Share purchase warrant (each whole warrant, an "H2PWarrant"). Each H2P Warrant will entitle the holder thereof to acquire one (1) H2P Share for a period of 24 months from the date of issuance of such H2P Warrant at a price of C$2.00.

Pursuant to the Proposed Transaction, among other things: (a) each H2P Share will be exchanged for common shares (each, a "Combined Entity Share") in the capital of Loop following the closing of the Proposed Transaction (the "Combined Entity") based upon the Resulting Issuer Ratio (as defined in the Amalgamation Agreement), as may be adjusted by the Ratio Adjustment (as defined in the Amalgamation Agreement); and (b) the H2P Warrants will be exchanged for warrants of the Combined Entity ("Combined Entity Warrants"), with the number of Combined Entity Warrants and the exercise price thereof being adjusted based upon the Resulting Issuer Ratio, as may be adjusted by the Ratio Adjustment. "Escrow Release Conditions" means (a) all conditions precedent, undertakings, and other matters to be satisfied, completed and otherwise met at or prior to the completion of the Proposed Transaction (other than the release of the Escrowed Proceeds and the Earned Interest pursuant to the terms of the subscription receipt agreement governing the Subscription Receipts) have been satisfied or waived in accordance with the terms of the Amalgamation Agreement, and (ii) there have been no material amendments or material waivers of the terms and conditions of the Amalgamation Agreement which have not been approved by the Lead Agent.