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Hypercharge Announces Closing of $5 Million Private Placement Financing
Wednesday, May 17, 2023Company Profile | Follow Company
North Vancouver, BC, May 17, 2023--(T-Net)--Hypercharge Networks Corp. (NEO:HC) announced it has closed a non-brokered private placement financing of units of the Company through the issuance of 4,761,904 Units at a price of $1.05 per Unit, for gross proceeds of $5 million.
David Bibby, President and CEO, Hypercharge Networks Corp.
David Bibby, CEO of Hypercharge, commented: "We are very pleased to complete this financing with strong participation from several strategic institutional investors, including Commodity Capital. The proceeds will enable us to pursue our ambitious goals for 2023."
The Company intends to use the net proceeds from the Financing for expanding operations, marketing and investor relations, R&D, and for business development and general working capital, as set out in more detail in the offering document related to the Financing that can be accessed under the Company's profile at www.sedar.com and at www.hypercharge.com.
About Hypercharge
Hypercharge Networks Corp. (NEO:HC; OTC:HCNWF; FSE:PB7) is a leading provider of smart electric vehicle (EV) charging solutions that offers turnkey technology to multi-unit residential and commercial buildings, fleet operations, and other rapidly growing sectors.
Driven by its mission to accelerate EV adoption and enable the shift towards a carbon neutral economy, Hypercharge is committed to providing seamless, simple charging solutions by offering industry-leading equipment and a robust network of public and private charging stations. Learn more: https://hypercharge.com/
Additional Details About the Financing
Each Unit is comprised of one common share and one half of one (½) share purchase warrant. Each Warrant is exercisable into one (1) Share (a "Warrant Share") at a price of $1.35 for a period of three (3) years from the date of issuance.
In connection with the Financing, the Company paid a cash fee of $27,362.40 to certain finders.
The Financing was completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued through the Financing are not subject to a hold period in accordance with applicable Canadian securities laws.
Wallace Hill Partners Ltd. ("WHP"), an affiliate of Gold Standard Media, LLC, a service provider that is engaged to provide digital marketing and investor relations services for the Company commencing on April 3, 2023, participated in the Financing by subscribing for a total of 714,285 Units. Following completion of the Financing, the Company estimates that WHP will hold 1,089,285 Shares (1,446,427 Shares on a diluted basis), representing approximately 1.6% of the Company's total issued and outstanding Shares (2.1% on a partially-diluted basis). See the Company's press release dated March 22, 2023 for a description of the engagement of Gold Standard Media and WHP's shareholdings as at that date. North King Capital Inc., a promoter of the Company (as that term is defined in the Securities Act (British Columbia)), and Harrison Newlands, an individual that controls North King Capital Inc., together participated in the Financing by subscribing for an aggregate of 29,012 Units. A third-party advisor of the Company also participated in the Financing by subscribing for an aggregate of 238,095 Units.
No related parties, as that term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, participated in the Financing.
The securities issued pursuant to the Financing have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
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