The Conversation (0)
Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (" PWWR " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce a convertible note (the " Convertible Note ") financing in an aggregate amount of up to C$1 million (the " Financing ").
"As per our 2023 Priorities, securing additional access to cash is paramount to our success. This additional $1m convertible note financing coupled with our access to our $4m in convertible debt note financing announced on November 18, 2022, builds our capacity to support upcoming CHP projects, acquisitions, fuel cell business and working capital," stated Frank Carnevale, Chief Executive Officer. "We continue to be focused to achieve EBITDA-process over the coming 4-6 quarters."
The Convertible Note will allow the Company to access up to C$1,000,000 on an aggregate basis and can be drawn on at the request of the Company. The Convertible Note will mature 36 months (the " Maturity Date ") following the closing of the Financing (the " Closing "). Outstanding amounts under the Convertible Note will be convertible at the option of the holders (the " Holders ") into common shares in the capital of the Company (the " Common Shares "), subject to the policies of the Neo Exchange Inc. (the " NEO ") at a conversion price equal to the closing price of the Common Shares on the NEO the day prior to the date of conversion, as adjusted pursuant to the terms of the Convertible Note, at any time prior to the Maturity Date, subject to the terms of the Convertible Note. The Convertible Note bears an interest of 10% per annum which will be applied to all outstanding amounts drawn under the Convertible Note. In consideration for entering into the Financing, the Company will also issue 2,000,000 Common Share to the Holder.
It is expected that any funds drawn under the Convertible Note, will be used for general corporate and administrative purposes.
All securities issued in connection with the Financing (collectively, the " Securities ") are subject to a four-month and one day hold period in accordance with applicable Canadian securities laws, during which time the securities may not be traded. All Securities will be or are expected to be issued pursuant to Section 2.3 ( Accredited Investor ) of National Instrument 45-106 – Prospectus Exemptions .
Convertible Debt Financing
On November 18, 2022 , PWWR announced the closing of a convertible note financing in an aggregate amount C$4,000,000. PWWR has yet to utilize any of the amount.
ABOUT Â ALKALINE Â FUEL Â CELL Â POWER Â CORP. Â (NEO: Â PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable energy 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 operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams (" PWWR Flow "), an AFCP brand in Canada.
- Fuel  Cell  Power  NV is focused on the development, production and commercialization of micro- combined heat and power ("micro-CHP") systems and off-grid and back-up power generators based on advanced alkaline fuel cell technology that generates zero CO2 emissions. Fuel Cell Power Fuel Cell Power NV has launched the Jupiter 1.0 prototype, and working through pilots in 2023.
- PWWR Flow is focused on the development, ownership and operations of combined heat and power ("CHP") assets. PWWR Flow assets deliver efficiency improvements of over 20% with reduced costs to customers in multi-residential and commercial applications. PWWR Flow has contracted existing CHP assets in Toronto, Canada, and has an additional pipeline of potential contracts valued at over $50 million currently in development.
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 https://www.fuelcellpower.com/ , and the Company encourages investors and other interested stakeholders to follow it on:
LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO under the symbol " PWWR ", the OTC Venture Exchange " OTCQB " under the symbol " ALKFF " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".
For  further  information,  please  contact:
Frank  Carnevale
Chief  Executive  Officer
+1 Â (647) Â 531- Â 8264
fcarnevale@fuelcellpower.com
Forward-Looking  Information
This news release contains forward-looking statements and forward-looking information within the meaning  of  applicable  securities  laws.  These  statements  relate  to  future  events  or  future  performance.  All statements  other  than  statements  of  historical  fact  may  be  forward-looking  statements  or  information.  In certain  cases,  forward-looking  statements  can  be  identified  by  the  use  of  words  such  as  "plans",  "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations  of  such  words  and  phrases  or  statements  that  certain  actions,  events  or  results  "may",  "could", "would", "might", "occur" or "achieve". Forward-looking statements in this news release may include, but are not limited to, the Convertible Note and securities issuable thereunder, the Financing and timelines associated therewith, statements  with  respect  to  the  Company's  technology,  intellectual  property,  business  plan,  objectives  and  strategy.
Forward-looking  statements  and  information  are  provided  for  the  purpose  of  providing  information  about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could  differ materially  from  those  currently  anticipated  due  to  a  number of  factors  and  risks.  Accordingly, readers  should  not  place undue reliance  on  the  forward-looking  statements  and  information  contained  in this news  release. Readers  are cautioned that the foregoing list of factors is not  exhaustive. The forward- looking  statements  and  information  contained  in  this  news  release  are  made  as  of  the  date  hereof  and  no undertaking  is  given  to  update  publicly  or  revise  any  forward-looking  statements  or  information,  whether as  a  result  of  new  information,  future  events  or  otherwise,  unless  so  required  by  applicable  securities  laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
