Hybrid Power Solutions closes First Tranche of Life Offering Financing

Core Viewpoint - Hybrid Power Solutions Inc. has successfully closed the first tranche of its Life Offering financing, raising gross proceeds of C $1,014,899.94 through the sale of 16,914,999 units at a price of C $0.06 per unit [2]. Financing Details - Each unit consists of one common share and one whole common share purchase warrant, with the warrant exercisable at CDN$0.10 per share for 24 months [3]. - The company may accelerate the expiry of the warrants if the closing price of its common shares reaches or exceeds CDN$0.20 for 20 consecutive trading days [3]. - The offering is conducted under the Listed Issue Financing Exemption, allowing sales to purchasers in Canada (excluding Quebec), the United States, and offshore jurisdictions [4]. Use of Proceeds - The net proceeds from the offering will be allocated for company operations, product and company research and development, sales growth initiatives, marketing, and general corporate purposes [5]. Finder's Fees - The company paid eligible finders a cash fee of 6% of the gross proceeds raised and issued non-transferable finder's warrants, allowing them to acquire shares at a price of $0.10 per share for 24 months [6]. Regulatory Compliance - Completion of the offering is subject to necessary regulatory approvals, including approval from the Canadian Securities Exchange [7]. Company Overview - Hybrid Power Solutions Inc. is a Canadian clean energy innovator focused on developing portable power systems that eliminate the need for fossil fuels in off-grid and remote applications [9][10].