TORONTO, March 14, 2023 (GLOBE NEWSWIRE) — Alkaline Fuel Cell Power Corp. PWWR ALKFF (Frankfurt: 77R, WKN: A3CTYF) (“PWWR” or the “Pursue“), a diversified investment platform developing affordable, renewable and reliable energy assets and cleantech, is pleased to issue a convertible bond (the “Convertible touch“) Funding totaling up to C$1 million (the “financing“).

“In line with our 2023 priorities, securing additional access to cash is paramount to our success. This additional convertible bond financing of 1 million future CHP projects, acquisitions, fuel cell business and working capital”, explained Frank Carnevale, Chief Executive Officer. “We remain focused on achieving the EBITDA process in the coming 4-6 quarters.”

The convertible bond will give the Company access to up to $1,000,000 in aggregate and is redeemable at the Company’s option. The convertible bonds have a term of 36 months (the “due date“) upon completion of the financing (the “Close“). Amounts outstanding under the convertible bond are convertible at the option of the holders (the “holder“) in ordinary shares of the capital of the Company (the “common shares“), subject to the policies of Neo Exchange Inc. (the “NEO“) at a conversion price equal to the closing price of the common shares on the NEO on the day prior to the Conversion Date, as adjusted in accordance with the terms of the Convertible Bonds, at any time prior to the Maturity Date, subject to the terms of the Convertible Bonds. The Convertible Bonds bear an interest rate of 10% per annum , which will be applied to any outstanding amounts drawn under the Convertible Debenture In consideration for the closing of the Financing, the Company will also issue 2,000,000 common shares to the holder.

All funds drawn under the convertible debenture are expected to be…