CHARBONE Extends Debenture Maturity and Enhances Financial Flexibility for Green Hydrogen Projects
Key Ideas
  • Charbone Hydrogen Corporation has successfully extended the maturity date and improved financial terms of its secured convertible debentures, enhancing its financial flexibility for green hydrogen projects.
  • The amendments include an increase in the convertible balance to $1.345 million CAD with a reduced annual interest rate of 12% and a lower conversion price per share at $0.10 CAD.
  • The company plans to deliver green hydrogen production facilities in the US and Canada by the end of the year, with an additional 14 facilities scheduled for completion by 2030.
  • Charbone's partnership with Investment Publishing LLC and Common Cents Media, along with settling debts and engaging Independent Trading Group for market making, further solidifies its position in the green hydrogen industry.
Charbone Hydrogen Corporation, based in Brossard, Quebec, has announced a significant milestone by signing an agreement to amend certain terms of its secured convertible debentures. The changes include extending the maturity date to October 31, 2025, increasing the convertible balance to $1.345 million CAD with a lower interest rate of 12%, and reducing the conversion price per share to $0.10 CAD. Additionally, the company will issue new warrants for further financial flexibility. These modifications aim to provide Charbone with enhanced financial capabilities to execute its plans for developing green hydrogen production facilities in the US and Canada. Benoit Veilleux, the CFO of CHARBONE, expressed optimism about the extended maturities and improved capital structure, highlighting the company's commitment to advancing green hydrogen initiatives. In addition to the financial updates, Charbone shared other corporate developments, including partnerships with Investment Publishing LLC and Common Cents Media, settling debts related to legal fees and engineering work, and engaging Independent Trading Group for market making services. These strategic moves signal Charbone's strategic growth trajectory and dedication to sustainable energy solutions. CHARBONE is focused on establishing a network of green hydrogen production facilities across North America, leveraging renewable energy sources to cater to various sectors. With plans to scale its operations and deliver multiple facilities in the coming years, Charbone aims to lead the way in green hydrogen production. The company's commitment to environmentally friendly energy solutions positions it as a key player in the transition towards sustainable practices.
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