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Next Hydrogen completes private placement financing

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Next Hydrogen Corporation and BioHep Technologies Ltd. announced the successful completion of an oversubscribed private placement of subscription receipts at a price of $10.00 per Subscription Receipt for total gross proceeds of $55,545,000.

The financing was completed as part of a series of transactions that will result in the owners of Next Hydrogen acquiring BioHep in a reverse takeover. Following the conclusion of the Transaction, the parties plan for BioHep to continue the business of Next Hydrogen.

The Transaction is subject to a number of conditions, including BioHep completing the spin-out of certain assets and liabilities, the TSX Venture Exchange authorizing the listing of the Resulting Issuer’s common stock, and other customary conditions.

On March 4, 2021, Next Hydrogen and BioHep released additional information about the transaction. The considered value of each common share of Next Hydrogen for the purposes of the Transaction would be $10.00, depending on the Financing pricing.

Arnes Biogradlija
Creative Content Director at EnergyNews.Biz

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