Charbone extends shareholder advance repayment date
2023-03-31 16:28 ET - News Release
Mr. Dave Gagnon reports
CHARBONE HYDROGEN EXTENDS REPAYMENT DATE FOR ADVANCES TO KEY MANAGEMENT SHAREHOLDERS
The independent and disinterested directors of Charbone Hydrogen Corp. have approved an extension of 12 months for the repayment of an aggregate of $301,372.19 of shareholder advances originally due to be repaid on or before March 31, 2023, by the key management shareholders, directly or indirectly, through their management companies, namely Dave Gagnon, Daniel Charette and Buckell Trust. Charbone, to which the amounts are due, and each of the management shareholders have entered into amendments dated effective March 31, 2023, amending the debt recognition agreements previously signed on March 8, 2022, as amended on April 20, 2022, in order to extend the repayment date to March 31, 2024. The advances remain repayable on demand but no later than March 31, 2024, and as provided in the escrow agreements that were entered into in April, 2022; the release from escrow of any shares held by each of the management shareholders will also remain subject to the prior repayment of their respective amounts. The management shareholders have already started to decrease the total amount due to Charbone and acknowledge the repayment obligation.
The amendments constitute related party transactions (as defined in Regulation 61-101 -- Protection of Minority Security Holders in Special Transactions), but are exempt from the formal valuation and minority shareholder approval requirements provided under Regulation 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of Regulation 61-101. The exemption is based on the fact that the fair market value of the amounts due by the management shareholders, individually and in the aggregate, does not exceed 25 per cent of the market capitalization of Charbone. The independent directors of Charbone approved the amendments.
About Charbone Hydrogen Corp.
Charbone is a Canadian green hydrogen company established in North America. The company's strategy consists of developing modular and expandable hydrogen facilities. Through the acquisition of hydropower plants in the United States and in Canada, Charbone intends to produce green dihydrogen molecules using reliable and sustainable energy to distinguish itself as a supplier of an environmentally friendly solution for industrial and commercial companies.