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ORIGINAL: CHARBONE HYDROGEN Announces the Amendment to the Agreement for the Acquisition of the three Hydropower Plants in Michigan and other Corporate Updates
2023-05-31 08:26 ET - News Release
(via TheNewswire)
Brossard, Qubec – TheNewswire - May 30, 2023 – CHARBONE HYDROGEN CORPORATION (TSXV:CH ) , ( OTC:CHHYF ) , ( FWB:K47) (“ Charbone ”) announces that it has executed a second amendment, on May 30, 2023, pursuant to certain terms and conditions to the Purchase and Sale Agreement (the “ PSA ”), signed January 17, 2023. The amendment postpones the closing date. The acquisition of Tower Kleber Limited Partnership (“ TKLP ”), a Michigan Limited Partnership and Black River Limited Partnership (“ BRLP ” and collectively with TKLP, the “ Limited Partnerships ”), will close on or before August 10, 2023, subject to an additional USD200,000 non-refundable deposit to be provided on or before July 28, 2023, and other customary closing conditions including the receipt by Charbone of satisfactory financing.
The Limited Partnerships have the capacity to produce 2,760 kW of hydropower. The Michigan Plants are generating revenues under long-term Power Purchase Agreement for the sale of energy, as well as earning revenues from the sale of capacity and Renewable Energy Credits .
Charbone is also pleased to announce that it’s Chief Operating Officer, Daniel Charette has been elected on the Hydrogen Quebec Association board as Vice-president during the last general assembly election. Daniel has a large experience and track record sitting on sectorial association such as Hydrogen Quebec as he spends over 9 years on the Canadian Wind Energy Association (now CanREA) and others over the course of its career.
During April and May 2023, Charbone received the repayment of the full amount remaining as of March 31, 2023 ($158,712) of the CEO’s shareholder advance to help financing on-going corporate activities.
About Charbone
Charbone is a Canadian green hydrogen group established in North America. The company's strategy is to develop modular and expandable hydrogen facilities and regional hubs. With the acquisition of hydroelectric power plants in the United States and Canada, Charbone will be able to produce green dihydrogen molecules using reliable and sustainable energy in order to distinguish itself as a supplier of an ecological solution for industrial and commercial companies.
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 , along with risks relating to the Offering and the intended use of proceeds of the Offering; 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.
Contacts
For further information, please contact:
Dave B. Gagnon
Chief Executive Officer and Chairperson of the Board
CHARBONE Hydrogen Corporation
Telephone: +1 450 678-7171
Email: dg@charbone.com