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Next Hydrogen Solutions Inc. Announces Private Placement of Unsecured Convertible Debentures

MISSISSAUGA, Ontario, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (the "Company" or "Next Hydrogen") (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to announce a private placement (the "Offering") of unsecured convertible debentures (each, a "Debenture") consisting of up to $3,000,000 principal amount of Debentures.

The Debentures shall mature on the earlier of the following to occur:

 

(i)

24 months from the date of issuance;

 

 

 

 

(ii)

on (x) a sale, merger, arrangement, amalgamation, business combination, or other transaction or series of transactions which results in a person other than the shareholders of the Company immediately prior to such transaction holding more than 50% of the votes attributable to the shares of the surviving issuer or acquiring corporation; or (y) the sale, lease, transfer, exclusive license, or other disposition of all of substantially all of the assets of the Company, unless such sale, lease, transfer, license or disposition is to a wholly-owned subsidiary of the Company; or

 

 

 

 

(iii)

on any demand for payment as a result of an event of default under the terms of the Debenture.

 

The Debentures shall bear interest at a rate of 10.0% per annum from the date of issue, calculated and paid in cash on a semi-annual basis. The holders of the Debentures may elect to convert the principal and all accrued, but unpaid interest under the Debenture into that amount of common shares of the Company ("Common Shares"), computed on the basis ...