NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Vancouver, BC – AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to announce that it has closed a non-brokered private placement (the “Private Placement”) of units (each, a “Unit”) for gross proceeds of $4,231,716.40 through the issuance of 5,877,384 Units at a price of $0.72 per Unit.
Each Unit consists of one common share and one-half common share purchase warrant, each warrant being exercisable at a price of $1.00 for twenty-four (24) months from issuance. The Company intends to use the proceeds of the Private Placement for acquisitions, marketing expenditures and working capital.
Finder’s fees of $136,483.20 were paid and 189,560 finder’s warrants were issued in connection with the Private Placement. Each finder’s warrant is exercisable at $1.00 for a period of two (2) years from the date of issuance. All securities issued in connection with the Private Placement are subject to a statutory hold period expiring October 5, 2021, in accordance with applicable securities laws.
The securities issued under the Private Placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press 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.
Additionally, the Company has entered into an agreement with Advanced Media Solutions (AMS) and a renewal agreement with Financial Star News Inc. (FSN) pursuant to which both AMS and FSN will provide the Company with marketing services for an aggregate of USD$450,000 and USD$330,000, respectively. Both parties will utilize their online programs to generate a greater following, increase investor awareness and attract new investors through various online platforms and methods of engagement.
On Behalf of the Board of Directors
Chief Executive Officer
AmmPower is a resource exploration company with an increasing focus on clean energy. The Company is based in Vancouver, BC and owns the Whabouchi South lithium exploration property located in the James Bay/Eeyou Istche region of Quebec and holds an option over the Titan Property located in the Klotz Lake area in Northwestern Ontario. In addition, together with its partner, ORF Technologies Inc., based in Toronto, Canada, the Company is working on the development of a proprietary solution to produce green ammonia and green hydrogen, and is also investigating revolutionary catalyst methods to react Nitrogen and Hydrogen together with the aim of creating 100% clean, and cost effective green, turquoise, and blue ammonia.