AmmPower Corp. (CNSX:AMMP) entered into a binding letter of agreement to acquire 50.05% stake in Progressus Clean Technologies Inc. from Aberdeen International Inc. (TSX:AAB) on December 29, 2022. On January 6, 2023, AmmPower Corp. (CNSX:AMMP) entered into a share exchange agreement to acquire Progressus. Under the terms of the Letter Agreement, the Company will acquire 25 million or 50.05% of the issued and outstanding common shares of Progressus from certain shareholders of Progressus. In consideration for the Progressus Shares, the Company will issue an aggregate of 50,000,000 common shares. In connection with the Transaction, the Vendors have also agreed to provide to the Company an aggregate loan of CAD 500,000 payable as follows: (a) CAD 250,000 on the closing of the Transaction (the “Initial Loan”) and (b) CAD 250,000 on the date that is 30 days following the closing of the Transaction. Both the Initial Loan and Additional Loan will bear an interest rate of 10% 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. The parties entered into the Letter Agreement effective December 29, 2022. The parties intend to complete the Transaction as soon as is practicable and, subject to satisfactory completion of customary closing conditions, will use commercially reasonable efforts to enter into a definitive share purchase agreement by early January 2023.

AmmPower Corp. (CNSX:AMMP) acquired 50.05% stake in Progressus Clean Technologies Inc. from Aberdeen International Inc. (TSX:AAB) for CAD 12.4 million on January 9, 2023.