Pure Extraction Corp is partnering with AVL Powertrain UK Ltd and Ballard Power Systems Inc for the development and production of a hydrogen fuel cell-powered vehicle.
Pure Extraction Corp (PURX) has announced that it has received TSX Venture Exchange approval for agreements with the company AVL Powertrain UK Ltd, as well as Ballard Power Systems Inc. These confirmed agreements, with the PURX owned subsidiary First Hydrogen Corp, will consider the design and manufacture of a hydrogen fuel cell-powered vehicle. First Hydrogen is to own the commercial rights for the vehicle design.
Ballard Power Systems Inc.
Ballard, one of the collaborators, is an industry-leading global provider of pioneering clean energy and fuel cell solutions. The company develops and produces proton exchange membrane fuel cell goods for markets, including heavy-duty motive, portable power, material handling, on top of providing technology solutions services. Ballard is to deliver support and the integration of its hydrogen fuel cell module for First Hydrogen’s prototype light commercial vehicle.
AVL Powertrain UK Limited
AVL Powertrain UK Limited is part of the AVL Group, which is the biggest independent company in the world for development, simulation and testing in the automotive industry, as well as in other sectors. As a front-runner in the field of global technology, AVL offers concepts, solutions, and methods in the disciplines of e-mobility, ADAS and autonomous driving, vehicle integration, digitalisation, virtualisation, Big Data, and more. AVL is to plan and implement the incorporation of all powertrain components, such as creating vehicle components and control software.
The agreement
In accordance with the assignment of two non-binding letters of intent that have surpassed the definitive agreements, Nova Light Capital Limited will be given three million shares, which are subject to a voluntary escrow and pooling agreement. A finders’ fee of 249,590 shares will be issued to Canaccord Genuity Group Inc. in connection with the transaction.
Pure Extraction Corp has organised a non-brokered private placement for $3m. The private placement will consist of 2.4 million units at $1.25 per unit, where each unit will comprise one common share and one common share purchase warrant. Each warrant is exercisable at $2 into one common share for a period of two years from the date of closing.
All securities issued are subject to a four-month-plus-one-day hold period under applicable securities laws in Canada.
Finders’ fees may be paid by the company in conjunction with the completion of the financing in accordance with the TSX Venture Exchange policies.
PURX reserves the right to accept, reject or partially fill any subscriptions received up to the aggregate amount permitted by the TSX-V.
