VANCOUVER, BC,
Feb. 9, 2022 /CNW/
- H2 Ventures 1 Inc. ("H2" or the "Corporation")
is pleased to announce that it completed an initial public offering
("IPO") of 50,000,000 common shares of the Corporation (the
"Common Shares") at a price of $0.10 per Common Share for gross proceeds of
$5,000,000 and is now listed on the
TSX Venture Exchange (the "Exchange"). The Common Shares
were listed on the Exchange at market open on February 9,
2022, and trading was immediately halted pending closing of the
IPO. The halt is expected to be lifted and trading of the Common
Shares is expected to resume on or about February 11,
2022 under the symbol "HO.P". When combined with the cash
proceeds raised prior to the IPO, the Corporation has raised total
gross proceeds of $5,560,000 and has
a total of 61,200,000 Common Shares issued and outstanding, of
which 11,200,000 are currently held in escrow pursuant to the
policies of the Exchange.
The net proceeds of the offering, together with the proceeds
from prior sales, will be used by the Corporation to identify and
evaluate assets or businesses for acquisition with a view to
completing a "Qualifying Transaction" in the hydrogen, fuel cell
and clean energy sectors under the Exchange's capital pool company
program ("CPC Program").
Canaccord Genuity Corp. (the "Agent") acted as the sole
agent and sole bookrunner for the IPO. In connection with the
offering, the Agent received a cash commission equal to 8% of the
gross proceeds of the Offering and an administration fee. In
addition, the Corporation granted to the Agent non-transferable
options to acquire up to an aggregate of 4,000,000 Common Shares
(the "Agent's Options"). Each Agent's Option is exercisable
to acquire one Common Share at an exercise price of $0.10 for a period of 24 months following the
completion of the offering.
The prospectus filed in connection with the IPO also qualified
previously granted options to certain directors and officers of the
Corporation exercisable to acquire up to an aggregate of 1,000,000
Common Shares (the "D&O Options"). Each D&O
Option is exercisable to acquire one Common Share at an exercise
price of $0.05 per Common Share until
June 4, 2026.
For further information please see the Corporation's prospectus
dated December 9, 2021, available
under the Corporation's profile on SEDAR at www.sedar.com.
ABOUT H2 VENTURES 1 INC.
H2 is a capital pool company within the meaning of the
Exchange's CPC Program policies that has not commenced commercial
operations and has no assets other than cash. Except as
specifically contemplated in the Exchange's CPC Program policies,
until the completion of its Qualifying Transaction, the Corporation
will not carry on business, other than the identification and
evaluation of companies, business or assets with a view to
completing a proposed Qualifying Transaction.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including statements about the Corporation's future plans and
intentions, the Corporation's expectation as to the resumption of
trading of the Common Shares, the stated use of proceeds of the
offering and completion of a Qualifying Transaction constitute
forward-looking statements. Wherever possible, words such as "may",
"will", "should", "could", "expect", "plan", "intend",
"anticipate", "believe", "estimate", "predict" or "potential" or
the negative or other variations of these words, or similar words
or phrases, are intended to identify forward-looking statements.
These statements reflect management's current beliefs and are based
on information currently available to management as at the date
hereof. Actual future results may differ materially.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
the Corporation cannot assure readers that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press
release, and the Corporation assumes no obligation to update or
revise them to reflect new events or circumstances, except as
required by law.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE H2 Ventures 1 Inc.