Toronto, ON – AmmPower Corp. (CSE: AMMP) (OTCQB: AMMPF) (FSE: 601A) (the “Company” or “AmmPower”) is pleased to announce, further to its news release dated December 30, 2022, that it has completed the acquisition (the “Acquisition”) of 50.05% of the issued and outstanding common shares of Progressus Clean Technologies, Inc. (“Progressus”), from certain former shareholders of Progressus (the “Vendors”).
In consideration for the Acquisition, the Company issued an aggregate of 50,000,000 common shares in the capital of the Company (the “Company Shares”) to the Vendors at a deemed price of C$0.30 per Company Share.
In connection with the Acquisition, the Vendors agreed to provide to the Company an aggregate loan of $500,000 payable as follows: (a) $250,000 provided on January 6, 2023 (the “Initial Loan”) and (b) $250,000 to be provided on February 5, 2023 (the “Additional Loan”). Both the Initial Loan and Additional Loan will bear an interest rate of 10% per annum, mature twelve months from the date of funding and be convertible into Company Shares at a deemed conversion price equal to the trading price of the Company Shares on the Canadian Securities Exchange on the date of conversion.
As a result of the Acquisition, Aberdeen International Inc. (“Aberdeen”) has become a insider and control person of the Company. Aberdeen acquired ownership and direction or control of over 40,000,000 Company Shares, representing approximately 27.35% of the issued and outstanding Company Shares. Prior to completion of the Acquisition, Aberdeen owned no securities of the Company. Aberdeen has acquired the Company Shares for investment purposes, and may in the future take such actions in respect of their respective holdings in the Company as they may deem appropriate in light of the circumstances then existing and subject to applicable securities law.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the applicable securities commissions or similar regulatory authorities in Canada, which report will contain additional information with respect to the foregoing matters (the “Early Warning Report”). A copy of the Early Warning Report will be filed on SEDAR under the Company’s profile at www.sedar.com.
On Behalf of the Board of Directors
If you would like to receive AmmPower Corp. News Alerts, please fill in your details below.