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Be the first with the news that moves the market- AmmPower Corp. (AMMP) has acquired 50.05 per cent of the common shares of Progressus Clean Technologies
- The company paid for the acquisition by issuing a total of 50,000,000 common shares to the vendors at a deemed price of C$0.30 each
- In exchange, the vendors agreed to provide the company with a $500,000 loan
- AmmPower is a clean energy company focused on the production of green ammonia
- AmmPower Corp. was down 1.45 per cent, trading at $0.34 at 12:04 ET
AmmPower Corp. (AMMP) has acquired 50.05 per cent of the common shares of Progressus Clean Technologies from former shareholders.
The company paid for the acquisition by issuing a total of 50,000,000 common shares to the vendors at a deemed price of C$0.30 each.
In exchange, the vendors agreed to provide the company with a $500,000 loan, payable as follows: $250,000 provided on January 6, 2023, and $250,000 to be provided on February 5, 2023.
Both the initial loan and additional loan will bear an annual interest rate of 10 per cent, mature twelve months from the date of funding and be convertible into company shares at a deemed conversion price equal to the trading price of the company shares on the Canadian Securities Exchange on the date of conversion.
As a result of the acquisition, Aberdeen International Inc. has become an insider and control person of the company.
Aberdeen acquired ownership and direction or control of over 40,000,000 company shares, representing approximately 27.35 per cent of the issued and outstanding company shares.
AmmPower is a clean energy company focused on the production of green ammonia. It is based in Toronto, with a research and manufacturing facility in Southeast Michigan.
AmmPower Corp. was down 1.45 per cent, trading at $0.34 at 12:04 ET.
