HydroGraph Clean Power Inc. announced non-brokered private placement of 25,000,000 units at a price of CAD 0.12 per unit, for aggregate gross proceeds of up to CAD 3,000,000 on August 23, 2022. Each unit will consist of one common share and one half of one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share at a price of CAD 0.20 per warrant share for a period of 24 months after the closing date of the transaction.

After the statutory hold period of four months and a day from the closing date, each Warrant will be subject to an acceleration right exercisable by the company, if on any ten consecutive trading days the daily volume weighted average trading price of the common shares on the Canadian Securities Exchange is CAD 0.30 or greater per common share. If the company exercises its Warrant Acceleration Right, the new expiry date of the Warrants will be the 30th day following the notice of such exercise. The units issued under the Private Placement, and the underlying securities, will be subject to certain resale restrictions such as a hold period of four months and a day from the closing date.

The transaction is expected to close on or about Friday, August 26, 2022.