Charbone Hydrogen Corporation Enhances Financial Flexibility for Green Hydrogen Projects
Key Ideas
  • Charbone Hydrogen Corporation amends its convertible debentures to extend maturities, reduce interest rates, and lower conversion prices, enhancing financial flexibility for its green hydrogen projects.
  • Key changes include extending the maturity date to October 31, 2025, and adjusting the convertible balance to C$1.345 million, with a reduced interest rate of 12% payable monthly.
  • The conversion price of the debentures has been lowered from C$0.40 to C$0.10 per share, with the issuance of 1.345 million new warrants exercisable at C$0.10 per share for 12 months.
  • These amendments are contingent upon the completion of a multi-million-dollar financing to support Charbone's plans to deliver green hydrogen production facilities in the US and Canada by the end of the year.
Charbone Hydrogen Corporation, a publicly traded pure-play green hydrogen company in North America, has announced amendments to its convertible debentures to strengthen its financial position for green hydrogen projects. The modifications involve extending the maturity date of the debentures to October 31, 2025, and adjusting the convertible balance to C$1.345 million, along with reducing the interest rate to 12% payable monthly. Furthermore, the conversion price per share has been lowered from C$0.40 to C$0.10, accompanied by the issuance of 1.345 million new warrants exercisable at C$0.10 per share for 12 months. These changes aim to provide Charbone with increased financial flexibility to execute plans for green hydrogen production facilities in the US and Canada. Benoit Veilleux, Charbone's CFO and corporate secretary, expressed that these steps would extend maturities and optimize the company's capital structure to advance its first-mover advantages in the green hydrogen sector and serve shareholder interests. The amendments are subject to the successful completion of a multi-million-dollar financing initiative announced earlier. Charbone's focus on renewable energy and strategic financial adjustments underline its commitment to sustainable energy development.
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