TORONTO, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Of the $4.2M raised by HydroGraph Clean Power Inc. ("Hydrograph" or the "Company") (CSE: HG) announced last week, more than $700,000, about 17% of the total raise, was funded by the entire executive leadership of the Company, including board members, management, friends and family, reinforcing management’s commitment to the Company.
The validation follows recent certification by The Graphene Council as a Verified Graphene Producer®. HydroGraph is currently the third company to be certified globally and the only company in the Americas to be certified.
HydroGraph is increasing commercial scale production at its 13,000 square foot manufacturing facility through the development of a modular commercial production cell for fractal graphene. The unit will have a cell foot print of 4m2 that will produce over 10 metric tons annually, expected to be complete by 4Q 2022.
"The $700,000 raised by management is significant in that those who know us and those who have come to know us as we have ramped up commercialization are taking a significant equity position in the Company,” said Stuart Jara, Chief Executive Officer of HydroGraph. “It goes without saying that we’re thrilled and humbled in the confidence we’ve garnered through our strong multifunctional team and the traction in commercialization.”
The Company’s patented Hyperion detonation process achieves consistent, high-quality graphene produced in an environmentally friendly method, due to its low energy consumption and absence of emissions.
HydroGraph has also, effective on October 6, 2022, entered into a four-month service agreement (the "Marketing Services Agreement") with Direct To Investor Media, LLC ("D2I"), which will provide the company with consulting, advertising, media, email, and creative services for the purpose of advertising and promoting HydroGraph and its brand. Pursuant to the Marketing Service Agreement, HydroGraph has agreed to pay to D2I a total of $450,000 and issued 500,000 options (each, an "Option") to purchase common shares ("Common Shares") of HydroGraph. 250,000 Options vest on the effective date of the Marketing Services Agreement, and are exercisable for a period of five years at a price of $0.25 per Common Share. The remaining Options vest on January 15, 2023 and are exercisable for a period of five years at a price of $0.50 per Common Share. The vesting and exercise of all Options are subject to all applicable laws and CSE policies.
Kjirstin Breure, President and Director
HydroGraph Media Contact
HydroGraph Clean Power Inc. was founded in 2017 to fund and commercialize green, cost-effective processes to manufacture graphene, hydrogen and other strategic materials in bulk. Publicly listed on the Canadian Securities Exchange Dec. 2, 2021, the Company acquired the exclusive license from Kansas State University to produce both graphene and hydrogen through their patented detonation process. More information about the Company and its products can be found on the HydroGraph website. www.hydrograph.com/
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
This release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", “upon” "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to: the use of the net proceeds from the previously announced private placement, anticipated benefits resulting from the Marketing Services Agreement, the future exercise of the Options, ability to successfully increase commercial scale production at its manufacturing facility, and the timing thereof, and the Company’s business plans and strategies.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of HydroGraph to control or predict, that may cause HydroGraph’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: HydroGraph’s ability to implement its business strategies; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks. HydroGraph does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.