Energy Plug Closes the First Tranche of Non-Brokered Private Placement, Management Changes

Group 1 - Energy Plug Technologies Corp. has closed the first tranche of its non-brokered private placement, raising gross proceeds of $1,015,184 through the issuance of 14,502,624 units at a price of $0.07 per unit [11] - Each unit consists of one common share and one common share purchase warrant with an exercise price of $0.10 per share, valid for one year from the closing date [11] - The company plans to use the net proceeds from the private placement for research and development, product certification, repayment of trade payables, and general working capital [6] Group 2 - Mr. Broderick Gunning has transitioned to the role of Executive Vice President, focusing on decentralized battery systems and strategic partnerships [2] - Mr. Paul Dickson has been appointed as CEO, bringing over 30 years of experience in capital markets and a strong background in software development, including blockchain technologies [7] - The company is dedicated to innovation and sustainability in energy technology, focusing on energy storage applications for various sectors [3] Group 3 - The company issued a cash finders' fee of $53,998 and a total of 771,410 finders' warrants as part of the closing of the first tranche [1] - The finders' warrants have the same terms as the warrants issued with the units [1] - The securities issued in the private placement will be subject to a regulatory hold period of four months plus one day from the date of issue [6]