First Hydrogen Corp. announced a non brokered private placement to issue 2,900 unsecured convertible debenture units at an issue price of CAD 1,000 per unit for the gross proceeds of CAD 2,900,000 on October 27, 2023. Each debenture unit is convertible into 689.65 common shares and 689.65 share purchase warrants, with each share purchase warrant exercisable to acquire one common share at an exercise price of CAD 3 per warrant for a period of two years from the closing date.

The debentures will mature on the second anniversary of the date of issuance and bear interest at a rate of 9% per annum, commencing on the date of issuance. The debentures are unsecured. All securities issued in connection with the offering will be subject to a statutory resale restriction for four months and one day from the closing date of the offering.

Finders' fees may be paid by the company in conjunction with the completion of the financing in accordance with the TSX Venture Exchange policies. The offering of the debentures is subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. The debentures will not be listed or posted for trading on any exchange.