Vancouver, British Columbia – Further to its’ news release dated June 11, 2021, Pure Extraction Corp. (“PURX” or the “Company”) has received TSX Venture Exchange approval for the definite agreements with AVL Powertrain U.K. Ltd. and Ballard Power Systems Inc. The definite agreements, with the company’s wholly owned subsidiary First Hydrogen Corp. (“First Hydrogen”), contemplate the design and production of a hydrogen fuel-cell powered vehicle that First Hydrogen will own the commercial rights for the vehicle design.
Ballard is a leading global provider of innovative clean energy and fuel cell solutions. Ballard develops and manufactures proton exchange membrane fuel cell products for markets such as heavy-duty motive, portable power, material handling as well as providing technology solutions services. Ballard will be providing support and integration of its hydrogen fuel cell module for First Hydrogen’s prototype light commercial vehicle.
AVL Powertrain UK Limited is part of the AVL Group which is the world’s largest independent company for development, simulation and testing in the automotive industry, and in other sectors. As a global technology leader, AVL provides concepts, solutions and methodologies in the fields of e-mobility, ADAS and autonomous driving, vehicle integration, digitalization, virtualization, Big Data, and much more. AVL will plan and execute the integration of all powertrain components including developing vehicle components and control software.
Pursuant to the assignment of two non-binding letters of intent which have superceded by the definitive agreements, Nova Light Capital Limited will be issued three million shares. These shares are subject to a voluntary escrow and pooling agreement. A finders’ fee of 249,590 shares will be issued to Canaccord Genuity Group Inc. in connection with the transaction.
The Company has arranged a non-brokered private placement for $3.0 million. The private placement will consist of 2.4 million units at $1.25 per unit, where each unit will consist of one common share and one common share purchase warrant. Each warrant is exercisable at $2.00 into one common share, for a period of two years from date of closing.
All securities issued are subject to a four-month-plus-one-day hold period under applicable securities laws in Canada.
Finders’ fees may be paid by the company in conjunction with the completion of the financing in accordance with the TSX Venture Exchange policies.
The Company reserves the right to accept, reject or partially fill any subscriptions received up to the aggregate amount permitted by the TSX-V.
On behalf of the Board of Directors
FIRST HYDROGEN CORP.
Chairman & Chief Executive Officer
Balraj Mann, Chairman & Chief Executive Officer
Nicholas Wrigley, Chairman First Hydrogen Automotive
Cautionary Note Regarding Forward-Looking Statements This news release contains information or statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of First Hydrogen, and includes statements about, among other things, future developments and the future operations, strengths and strategies of First Hydrogen. Forward looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management’s assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management’s experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for First Hydrogen’s products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.
The forward-looking information contained in this news release represents the expectations of First Hydrogen as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. First Hydrogen undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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