H2 Portable Power Corp announced a brokered private placement of subscription receipts to raise gross proceeds of approximately CAD 15 million on February 9, 2024. The Subscription Receipts to be issued in connection with the Concurrent Financing will be subject to an indefinite statutory hold period in Canada from the closing date of the Concurrent Financing; however, the Combined Entity Shares issuable to holders of Subscription Receipts on conversion thereof will be freely tradeable in Canada. The closing date of the Concurrent Financing is expected to be on or around March 15, 2024.

The Subscription Receipts to be offered in the Concurrent Financing have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. It will not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.