04:46 PM EST, 12/04/2024 (MT Newswires) -- FuelPositive ( NHHHF ) after close Wednesday said it plans a $0.8-million private placement financing to enable the company to advance towards completion of its first green-ammonia system and the start of revenue generation.

The company will offer up to 26.66-million units in the financing, with each priced at $0.03 and made up of a share and a five-year warrant to buy a second share for $0.05.

It will use proceeds to pay down debt, for working capital and bring its Manitoba-based green ammonia system into operation.

FuelPositive ( NHHHF ) is also actively applying for significant provincial funding in Manitoba to cover the remaining activation costs and help transition the company into revenue generation.

The company also said it will settle debts totaling $0.28-million with 9.29-million units at a deemed price of $0.03 per Unit.

Fuel Positive shares closed down $0.005 to $0.03 on the TSX Venture Exchange.