Hypercharge Announces Satisfaction of Escrow Release Conditions
Vancouver, British Columbia--(Newsfile Corp. - September 28, 2022) - Hypercharge Networks Corp. (the "Company" or "Hypercharge") is pleased to announce that it has satisfied the escrow release conditions (the "Release Conditions") for the release of escrowed funds from the Company's previously-announced C$6.0 million brokered private placement offering of subscription receipts (the "Subscription Receipts") at an issue price of C$0.60 per Subscription Receipt, which closed on June 1, 2022 (the "Offering"), including, among other things, receipt for the Company's final prospectus dated September 23, 2022 (the "Prospectus") qualifying the common shares underlying the Subscription Receipts (the "Underlying Shares"). Haywood Securities Inc. ("Haywood") acted as the lead agent and sole bookrunner for the Offering, together with a syndicate of agents, including Clarus Securities Inc., Eight Capital and Research Capital Corporation (together with Haywood, the "Agents").
In connection with the escrow release, the 10,000,000 Subscription Receipts issued pursuant to the Offering have been automatically exercised into 10,000,000 Underlying Shares. Pursuant to the Release Conditions, the common shares of the Company, including the Underlying Shares, are conditionally approved for listing on the NEO Exchange ("NEO") under the symbol HCEV. Listing is subject to the Company fulfilling all of NEO's listing requirements, including the minimum distribution requirements. NEO is a senior Canadian stock exchange based in Toronto.
In partial satisfaction of the corporate finance fee owed to Haywood in connection with the Offering, on the automatic exercise of the Subscription Receipts, the Company issued to Haywood an aggregate 41,666 Underlying Shares.
The Company expects to use the net proceeds from the Offering as described in the Prospectus.
"We are extremely pleased to have completed the escrow release conditions in preparation for a listing on the NEO Exchange. This is an important milestone in the Company's growth strategy, providing capital and share currency to accelerate our vision to become a dominant player in the EV Charging industry," said David Bibby, President and CEO.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities referenced herein in the United States or any other jurisdiction, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Hypercharge Networks is an electric vehicle (EV) supply equipment company that provides turnkey EV charging solutions to serve the rapidly growing market. As a clean-technology innovator, we are on a mission to accelerate EV adoption and the shift towards a carbon neutral economy by providing seamless, simple charging experiences through industry-leading equipment and a robust network of public and private charging stations.
On behalf of the Board,
Hypercharge Networks Corp.
David Bibby, President & CEO
Kyle Green | Senior Marketing Manager
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the Company's intention to list its shares on the Exchange, the expected use of proceeds from the Offering and the Company's growth strategy and vision. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the respective management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138693