Charbone Hydrogen Announces Closing of a Second Tranche of its Non-Brokered Private Placement

Charbone Hydrogen Announces Closing of a Second Tranche of its Non-Brokered Private Placement

(TheNewswire)

Charbone Hydrogen Corporation

NOT FOR DISSEMINATION OR DISTRIBUTION INTO THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES

Brossard, Quebec TheNewswier - December 18, 2023 Charbone Hydrogen Corporation (TSXV:CH ) ( OTC:CHHYF ) ( FWB:K47) (" Charbone " or the " Company ") is pleased to announce the closing of a second tranche of its previously announced private placement financing of units of the Company (the " Offering ") for gross proceeds of $248,377. When combined with the previous closing, the Company has raised an aggregate of $499,877 pursuant to the Offering.

Each of the units offered (each a " Unit "), priced at $0.05 per Unit, was comprised of one common share of the Company (each, a " Unit Share ") and one common share purchase warrant (each, a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $ 0.05 for a period of 12 months following the closing date of the Offering (the " Closing Date "). A total of 4,967,540 Units were issued pursuant to the closing of the second tranche of the Offering.

The Units were offered by way of the "accredited investor" exemptions under National Instrument 45-106 – Prospectus Exemptions (in Québec, Regulation 45-106 – Prospectus Exemptions ).

The proceeds from the Offering are intended to be used by the Company to finance operations to continue Sorel-Tracy (Qc, Canada) project and to prepare a significant potential financing transaction.

The Company may close a third and final tranche on or before December 22, 2023. The closing of the Offering remains subject to the approval of the TSX Venture Exchange and other customary closing conditions.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " 1933 Act ") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

In addition, the Company has entered into an advertising and investor awareness campaign with Dig Media Inc. dba Investing News Network (" INN "). For the 14-month term of the agreement, INN will provide advertising to increase awareness of the Company. INN does not provide investor relations or market making services. The cost of the campaign is $54,900. INN has also subscribed for 1,098,000 Units of the current Offering. No stock options are being granted to INN and no other compensation is payable in connection with its engagement.

About Charbone Hydrogen Corporation

Charbone is a green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial, commercial and mobility users.

About Dig Media Inc. dba Investing News Network

INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007.

Forward-Looking Statements

This news release contains statements that are "forward-looking information" as defined under Canadian securities laws (" forward-looking statements "). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com , along with risks relating to the Offering and the intended use of proceeds of the Offering; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts

Benoit Veilleux

Dave B. Gagnon

Chief Financial Officer and Corporate Secretary

Chief Executive Officer and Chairperson of the Board

Charbone Hydrogen Corporation

Charbone Hydrogen Corporation

Telephone: +1 450 678-7171

Telephone: +1 450 678-7171

Email: bv@charbone.com

Email: dg@charbone.com

Copyright (c) 2023 TheNewswire - All rights reserved.

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For more information or to register to attend the virtual conference, visit:
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To view the Presentation, please visit:
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About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



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Lake Resources NL

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- 25-year life of mine (LoM) supported by maiden Ore Reserve statement.

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- The 25,000 tpa operation recovers only a small fraction of the Measured and Indicated Resource, which allows Lake to study further expansions.

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Drillhole results prove the continuity of higher-grade lithium brines, south of the Phase One DFS extraction wellfield design and across a northwest-southeast trending fault that is interpreted to create the escarpment south of the field. The relatively high lithium and favourable geologic materials grades beyond the planned DFS wellfield highlight continued favourable results for a higher capacity wellfield.

"The latest drilling intercept further demonstrates the vertical continuity of the lithium bearing brine to more than 600 metres in clean, fine and medium grained sands conducive to high productive extraction wells." commented Michael Gabora, Director of Geology and Hydrogeology of Lake Resources. He continued, "With an average of 257 mg/L through the production zones, the K25D44 hole continues the trend of intercepting lithium grades that are significantly higher than the 205 mg/L design basis of the DFS".

Continuation of Higher-Grade Lithium Resource Intercepts to the South

The principal objectives of the K25D44 (K25 Platform) drillhole were to:

1) Test the continuity of the lithium resource to the south, outside of the footprint of the salar;

2) Expand the Measured Resource to the south and potentially connect the Measured Resource to previous positive lithium intercepts at K21 (Figure 1*);

3) Complete additional sampling and analysis of the deeper portion of the unconsolidated deposits from about 400 m to more than 600 m depth; and,

4) Validate lithium concentrations used in the area of K25 in the Ore Reserve analysis completed with the calibrated hydrogeologic model.

K25D44 was drilled about 2.25 kilometres southwest of K16D28 (K16 Platform; Figure 1*) and has an average lithium grade of 219 mg/L from 19 samples collected between 40 and 622 m below ground surface (bgs) (Table 1*). All but two samples were collected with single packer configurations generally with a test interval of about 10 to 15 m, although this varied depending on hole conditions. Standard operating procedures are followed with significant development of the test interval, at least 3 borehole volumes (measured from surface to hole bottom), and sampling only occurs once brine is clear and field chemistry parameters are stable and indicative of reservoir fluids.

A standpipe piezometer was installed and screened between 418 to 430 m below ground surface and was developed and sampled via airlifting. Results for the airlift sample are consistent with the packer testing within the same interval, with 275 mg/L measured by SGS and 248 mg/L measured by Alex Stewart laboratory, for an average of 261 mg/L compared to 263.5 mg/L for a packer collected sample from 424 to 430 m below ground surface (see Table 1*).

The fine to medium-grained sand (Figure 3* and Figure 4*) and low frequency of fine-grained layers within the planned production horizons (i.e., approximately 200 m to 600 m) are consistent with drillholes in the central resource area and both stratigraphy and general chemistry support the continuity of the lithium brine resource throughout the southern portion of the field.

As has been observed in the other greater than 600 m deep drillholes completed to-date, the lithium brine continues to a depth of more than 600 m. Lithium concentrations deeper than 400 m averaged more than 250 mg/L, far exceeding the design basis for the DFS (205 mg/L).

The modelled lithium concentration in the Project Ore Reserve8 at K25 was 268 mg/L (200 m to 600 m) within the production horizon. The weighted average of the laboratory results through the same interval (215 m to 622 m) is 271.7 mg/L. This indicates that the modelled values are representative, if not slightly conservative, relative to the measured data in the field at this location. The results of the comparison further build confidence in the lithium resource model used as the basis for lithium distributions within the hydrogeological model and Ore Reserve modelling.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UOL27931



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

News Provided by ABN Newswire via QuoteMedia

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