First Hydrogen Arranges $2,700,000 Financing

June 28, 2024

Vancouver, B.C., June 28, 2024 Vancouver, British Columbia – First Hydrogen Corp. (“FIRST  HYDROGEN” or the “Company”) (TSXV: FHYD) (OTC: FHYDF) (FSE: FIT) has arranged a non-brokered  financing of debenture units at a price of $1,000 per unit for aggregate gross proceeds of up to $2,700,000.  Each debenture unit is convertible into 1,851.85 common shares and 1,851.85 share purchase warrants, with  each share purchase warrant exercisable to acquire one common share at an exercise price of $0.80 per warrant  for a period of two years from the closing date.  

The debentures will mature on the second anniversary of the date of issuance and bear interest at a rate of  8.00% per annum, commencing on the date of issuance. The principal amount of each debenture will be  convertible at the option of the holder into common shares in the capital of the company. The debentures are  unsecured.  

All securities issued in connection with the offering will be subject to a statutory resale restriction for four  months and one day from the closing date of the offering. 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 intends to use the proceeds of the Offering for general corporate purposes.  

The offering of the debentures is subject to the receipt of all necessary approvals, including the final approval  of the TSX Venture Exchange. The Debentures will not be listed or posted for trading on any exchange. 

The Company also announces the repricing of the conversion price of $2.673,800 of convertible debentures.  Each $1,000 in principal will now be convertible into 1,851.85 common shares. There will be no share  purchase warrants issued upon conversion of the debentures. The maturity date of the debentures remains the  same, November 22, 2025. The convertible debenture repricing is subject to the approval of the TSX Venture  Exchange. 

About First Hydrogen Corp. (FirstHydrogen.com

First Hydrogen Corp. is a Vancouver, Montreal and London UK-based company focused on zero-emission  vehicles, green hydrogen production and distribution. The Company has designed and built two hydrogen-

fuel-cell-powered light commercial vehicles (“FCEV”). The FCEV are road-legal in the United Kingdom  (excluding Northern Ireland) with 6,000 km of testing completed and have achieved a range of 630+ kilometres on a single refueling. The vehicles have successfully been trialled in real-world conditions with fleet operators  in the United Kingdom. First Hydrogen is also developing a 35MW green hydrogen production facility and  vehicle assembly factory in Shawinigan, Quebec. 

On behalf of the Board of Directors of  

FIRST HYDROGEN CORP.
“Balraj Mann”
Chairman & Chief Executive Officer

Contacts:

North America
Balraj Mann, Chairman & Chief Executive Officer
604-601-2018
investors@firsthydrogen.com

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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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