VANCOUVER, BC / ACCESSWIRE / August 9, 2021 / 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Pursuant to the assignment of two non-binding letters of intent which have superceded by the definitive agreements, Nova Light Capital Limited will be issued three million shares.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
PURE EXTRACTION CORP.
"Balraj Mann" Balraj Mann, C.E.O.
604-601-2018
Balraj.Mann@firsthydrogen.com / Balraj@pureextraction.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Pure Extraction Corp.
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