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Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) (" AFCP " or the " Company "), a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to the closing of a convertible note (the " Convertible Note ") financing in an aggregate amount C$4,000,000 (the " Financing ").
"We are pleased with the support of our investors for this Financing," said Frank Carnevale, Chief Executive Officer. "The Financing will assist with our working capital and allow the Company to focus on developing affordable renewable energy projects."
The Convertible Notes allow the Company to access up to C$4,000,000 on an aggregate basis and can be drawn on at the request of the Company. The Convertible Notes will mature November 18, 2025 (the " Maturity Date "). Outstanding amounts under the Convertible Notes will be convertible at the option of the holders (the " Holders ") into common shares in the capital of the Company (the " Common Shares ") at a conversion price of $0.10 per Common Share, at any time prior to the Maturity Date, subject to the terms of the Convertible Note. The Convertible Notes bear an interest of 10% compounded monthly which will be applied to all outstanding amounts drawn under the Convertible Notes. In consideration for entering into the Financing, the Company has issued an aggregate amount of 20,000,000 Common Share purchase warrants (the " Warrants ") to the Holders. Each Warrant will entitle the Holders thereof to acquire one Common Share at a price of $0.15 for a period of 36 months.
Any funds drawn under the Convertible Notes, will be used for general corporate and administrative purposes.
All securities issued in connection with the Financing 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.
ABOUT Â ALKALINE Â FUEL Â CELL Â POWER Â CORP. Â (NEO: Â PWWR)
AFCP 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.
AFCP 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 NV is working through milestones to deliver a commercialized alkaline fuel cell in 2024.
- 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.
AFCP 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 Notes and securities issuable thereunder, the Financing, the Warrants, 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.
