AmmPower completes acquisition of over 50.05 per cent of Progressus Clean Technologies
by CM staff
The company issued an aggregate of 50,000,000 common shares in the capital of the company to the vendors at a deemed price of C$0.30 per company share.
TORONTO — AmmPower Corp., has completed the acquisition of 50.05 per cent of the issued and outstanding common shares of Progressus Clean Technologies, Inc., from certain former shareholders of Progressus.
In consideration for the acquisition, the company issued an aggregate of 50,000,000 common shares in the capital of the company to the vendors at a deemed price of C$0.30 per company share.
In connection with the acquisition, the vendors agreed to provide to the company an aggregate loan of $500,000 payable as follows: (a) $250,000 provided on January 6, 2023, and (b) $250,000 to be provided on February 5, 2023. Both loans will bear an interest rate of 10 per cent per annum, mature twelve months from the date of funding and be convertible into company shares at a deemed conversion price equal to the trading price of the company shares on the Canadian Securities Exchange on the date of conversion.
As a result of the acquisition, Aberdeen International Inc., has become an insider and control person of the company. Aberdeen acquired ownership and direction or control of over 40,000,000 company shares, representing approximately 27.35 per cent of the issued and outstanding company shares. Prior to completion of the acquisition, Aberdeen owned no securities of the company. Aberdeen has acquired the company shares for investment purposes and may in the future take such actions in respect of their respective holdings in the company as they may deem appropriate in light of the circumstances then existing and subject to applicable securities law.