H2 Portable Announces Launch of C$15M Subscription Receipt Financing

Loop Energy Inc., together with H2 Portable Power Corp. (H2P), has initiated a private placement offering aimed at raising approximately C$15 million through the sale of subscription receipts. This financing effort is part of a broader agreement that positions H2P for a backdoor listing on the Toronto Stock Exchange via a three-cornered amalgamation with Loop Energy, as outlined in a February agreement. The subscription receipts will convert into H2P units upon meeting certain conditions, linking investors directly to the future of H2P and its integration into Loop Energy's operations.

Set to close on or around April 3, 2024, the offering targets accredited investors in Canada, the United States, and internationally. In connection with this strategic financial maneuver, Moneta Securities and law firm Gowling WLG (Canada) LLP are providing advisory and legal services, respectively. Loop Energy, known for its hydrogen fuel cell technology, sees this partnership and ensuing capital boost as pivotal for advancing its product and technological development, amplifying its presence in the zero-emission vehicle market.