Technology developer AmmPower Corp., Toronto, has announced a securities purchase agreement with a single institutional investor for a private placement of its common shares and warrants to purchase common shares for gross proceeds of approximately C$3 million.
The net proceeds will be used by the company for research and product development activities and for general working capital purposes. AmmPower is planning to use its green ammonia production technology to build plants both large and small (GM Feb. 11, p. 1).
Pursuant to the placement, the company will issue 7,142,858 common shares and warrants to purchase up to an aggregate of 7,142,858 common shares, at a purchase price of C$0.42 per common share and associated warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of C$0.52 for a period of five years following the issuance date.