FirstElement Fuel, Inc. announced that it will issue 22,000,000 series D preferred shares at an issue price of $3.6559 per share for gross proceeds of $80,429,800, 16,000,000 series D-1 preferred shares at an issue price of $3.6559 per share for the gross proceeds of $58,494,400, and 24,000,000 series D-2 preferred shares at an issue price of $3.6559 per share for the gross proceeds of $87,741,600 for gross aggregate proceeds of $226,665,800 on October 21, 2021. The preferred shares carry non-cumulative fixed dividend at rate of 6%, 8% and 8% per annum respectively and will be convertible in common shares at a price $3.6559 per share each. The preferred shares are redeemable.