HTC Purenergy Inc. (TSXV:HTC) entered into a letter of intent to acquire 20% stake in Hydrogen Fueling Corp. for CAD 6.5 million on July 15, 2020. HTC will provide up to CAD 5 million in cash and the additional consideration of approximately CAD 1.5 million through the provision of an IP licensing agreement. In order to fund the Proposed Transaction, HTC will issue a maximum of 0.9 million units at a price of CAD 5.5 per Unit, for the gross proceeds of up to CAD 5 million in a private placement. Upon completion of the Proposed Transaction, HTC’s Chief Technology Officer, Ahmed Aboudheir, and its Senior Process Design Engineer, Walid El Moudir will be appointed to Hydrogen Fueling Corp.’s Technical Advisory Committee and HTC’s Executive Chairman, Lionel Kambeitz, will be appointed to the Hydrogen Fueling Corp.’s board of directors. The transaction is conditional upon TSX Venture Exchange Inc. approval.