(TheNewswire)

Brossard, Quebec, MAY 22, 2024 - TheNewswire - Charbone Hydrogen CORPORATION (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the " Company " or " CHARBONE "), North America's only publicly traded pure-play green hydrogen company, today announced the closing of Units for debt settlements of $302,213.

The Company has settled with arm's length suppliers, $302,213 of payables through the issuance of units. Each of the units offered, priced at $0.10 per Unit, was comprised of one common share of the Company and one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 for a period of 12 months following the closing date. A total of 3,022,130 Units will be issued pursuant to the closing, at a conversion price per unit of $0.10. The Company believes that the settlement of the payables through the issuance of securities is appropriate at the present time in light of the various project commitments and the overall need to manage its cash in a prudent manner.  Any debt settlement will be reflected in a formal agreement and will be subject to the approval of the TSX Venture Exchange. Any securities issued pursuant to a debt settlement will be subject to a statutory four month hold period in Canada and be released in a manner of 25% of the total shares received every quarter over a period of twelve (12) months.

CHARBONE continues to advance its priority launch plans to scale and deliver green hydrogen production facilities in both the US and Canada during the second half of 2024. Located near Montreal, Quebec, its Sorel-Tracy Green Hydrogen Project will serve as the Company's flagship facility, giving CHARBONE a first-mover advantage with production starting later this year. Additionally, a second green hydrogen production project in the Detroit, Michigan area is scheduled to be operational in 2024 as well. In total, CHARBONE plans to build and deliver 16 green hydrogen production facilities across North America by 2030.

Additionally, the Company is also pleased to announce that select CHARBONE Management and Board members have exercised stock options to purchase 300,000 common shares of CHARBONE well in advance of the November 8, 2024 expiration date, with an exercise price of $0.075 per share and generating proceeds of $22,500.

About Charbone Hydrogen Corporation

CHARBONE is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, CHARBONE plans to scale and deliver green hydrogen production facilities in both the US and Canada by 2024, with an additional 14 facilities planned by 2030. CHARBONE is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information, please visit www.charbone.com

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; 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 .

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