Nu E Power Corp. Announces First Tranche Closing of Non-Brokered Private Placement and Shares for Debt and Services Closing

Private Placement - Nu E Power Corp. has closed the first tranche of its non-brokered private placement offering, issuing 1,766,666 units at a price of $0.30 per unit, resulting in gross proceeds of up to $530,000 [1][2] - Each unit consists of one common share and one common share purchase warrant, with warrants allowing the purchase of one common share at $0.35 for 24 months post-closing [1] Use of Proceeds - The net proceeds from the private placement will be allocated for general working capital and advancing solar projects in Canada [2] Debt Settlement - The company has issued shares to settle outstanding debt totaling $486,785, issuing 1,216,963 common shares at a price of $0.40 per share [4] - This debt settlement involves agreements with both non-arm's length and arm's length creditors [4] Shares for Services - An aggregate of 1,081,250 common shares has been issued at $0.40 per share to staff and directors in lieu of cash payments for past services and bonuses, totaling $432,500 [5] Related Party Transactions - The issuance of shares for debt and services to related parties is considered a "related party transaction" under Multilateral Instrument 61-101, exempt from minority approval and formal valuation requirements [6] Hold Period and Regulatory Approval - All common shares issued under the debt and services settlement are subject to a hold period of four months and one day from issuance, pending final acceptance by the Canadian Securities Exchange [7] Company Overview - Nu E Power Corp. focuses on developing, constructing, and operating clean and renewable energy infrastructure across North America, with a partnership aimed at developing up to 2GW of renewable energy projects in Canada by 2030 [8]