First Reserve Sustainable Growth Corp. (NasdaqCM:FRSG.U) announced that it has entered into a warrants purchase agreement for a private placement of 6,000,000 warrants at a price of $1 per warrant with returning investor, First Reserve Sustainable Growth Sponsor LLC for gross proceeds of $6,000,000 on January 22, 2021. The company will grant an over-allotment option to purchase 6,600,000 warrants. Each warrant is exercisable at $11.5 per class A share, subject to adjustments. The transaction will close concurrently with public offering. The warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The private placement warrants will be non-redeemable for cash and exercisable on a cashless basis so long as the investor or its permitted transferees hold them. Once the warrants become exercisable, the company may redeem the outstanding warrants subject to conditions. The securities are subject to a hold period of 30 days.