{"id":951,"date":"2026-04-24T07:25:59","date_gmt":"2026-04-24T07:25:59","guid":{"rendered":"https:\/\/charbone.com\/?post_type=news&#038;p=951"},"modified":"2026-10-06T00:14:54","modified_gmt":"2026-10-06T00:14:54","slug":"charbone-increases-10m-convertible-loan-first-drawdown-amount-to-3m","status":"publish","type":"news","link":"https:\/\/charbone.com\/en\/new\/charbone-increases-10m-convertible-loan-first-drawdown-amount-to-3m\/","title":{"rendered":"CHARBONE Increases $10M Convertible Loan First Drawdown Amount to $3M"},"content":{"rendered":"<p><strong>CHARBONE CORPORATION<\/strong><\/p>\n<p><strong>PRESS RELEASE<\/strong><\/p>\n<p><strong>CHARBONE Increases $10M Convertible Loan First Drawdown Amount to $3M<\/strong><\/p>\n<p><strong>Brossard, Quebec, April 23, 2026<\/strong> \u2013 <strong>CHARBONE CORPORATION<\/strong> (TSXV: CH; OTCQB: CHHYF; FSE: K47) (\u201c<strong>CHARBONE<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d), a North American producer and distributor specializing in clean Ultra High Purity (\u201c<strong>UHP<\/strong>\u201d) hydrogen and strategic industrial gases, following its news release dated March 31, 2026, is pleased to announce that the closing process is progressing on the secured convertible loan (the \u201c<strong>Convertible Loan<\/strong>\u201d) that will provide for up to $10 million of financing from Riverfort Global Opportunities PCC Ltd (\u201c<strong>RiverFort<\/strong>\u201d or the \u201c<strong>Lender<\/strong>\u201d), and confirms that terms have been modified as follows:<\/p>\n<p>\uf0b7 The first drawdown amount has been increased from $2.15 million to $3 million; \uf0b7 Any subsequent drawdowns will be convertible, at the option of the Lender, into Common Shares at a conversion price per common share at a 25% premium to the reference price (defined as the greater of: (i) the average of the five (5) daily VWAPs of the Shares immediately preceding the applicable drawdown date, and (ii) a 5% premium to the market price of the common shares at the time of the issuance of a press release announcing such drawdown); and \uf0b7 In respect of any amount not paid when due, only if applicable, default interest shall accrue in such a manner that the total return of this instrument under each drawdown, calculated based on the outstanding principal balance, shall be capped at twenty-four percent (24%) per annum.<\/p>\n<p>The first drawdown will become available upon the signature of the definitive agreements with RiverFort and satisfaction of the closing conditions provided for in the Convertible Loan, including the approval by the TSX Venture Exchange. Please find unchanged terms of the first drawdown below:<\/p>\n<p>\uf0b7 Convertible, at the option of the Lender, into units composed of one common share of the Company and 0.3 of a warrant, at a conversion price of $0.15 per unit. \uf0b7 Each whole warrant issued in connection with the first drawdown of $3 million will be exercisable to acquire one additional common share in the capital of CHARBONE, at a price per share of $0.195, for a period of 48 months, subject to a maximum of 5 years from the Convertible Loan closing date. \uf0b7 12% annual interest payable in cash every 4 months. \uf0b7 If not converted before, 10% of the first drawdown shall be repaid at the end of six months, 20% at the end of 12 months and 70% on maturity date in 18 months. \uf0b7 An implementation fee of 5% of the first drawdown will be paid in cash on closing and a non-refundable $20,000 due diligence fee has already been paid. \uf0b7 Secured with a first ranking hypothec over the universality of all present and future movable property of each of Charbone Hydrog\u00e8ne Qu\u00e9bec Inc. (Sorel-Tracy project) and Charbone Hydrogen Corporation.<\/p>\n<p>\uf0b7 The securities issued upon any conversion of the principal amount of the Convertible Loan will be subject to the statutory four-month hold period in Canada.<\/p>\n<p>CHARBONE also announces the completion of the full conversion of the September 2025 Convertible Replacement Debentures, issued and announced on October 1, 2025, for an amount of $2.05M.<\/p>\n<p><strong>About CHARBONE CORPORATION<\/strong><\/p>\n<p>CHARBONE is a developer and producer of clean Ultra High Purity (UHP) hydrogen with a growing industrial gas distribution platform. Through a modular approach, CHARBONE is focused on developing a network of clean hydrogen production facilities throughout North America and select markets abroad, starting with its flagship Sorel-Tracy project in Quebec. The Company\u2019s integrated model reduces risk, enhances scalability, and enables diversified revenue streams through partnerships in helium and other specialty gases. CHARBONE is committed to supporting the global transition to a lower-carbon economy by providing accessible, decentralized clean hydrogen and specialty gas solutions while supporting underserved industrial gas customers and accelerating the shift to localized clean energy. CHARBONE is listed on the <strong>TSX Venture Exchange (TSXV: CH)<\/strong>, the <strong>OTC Markets (OTCQB: CHHYF)<\/strong>, and the <strong>Frankfurt Stock Exchange (FSE: K47)<\/strong>. Visit <a href=\"https:\/\/charbone.com\/en\/\" target=\"_blank\" rel=\"noopener\">www.charbone.com<\/a>.<\/p>\n<p><strong>Forward-Looking Statements<\/strong><\/p>\n<p><em>This news release contains statements that are \u201cforward-looking information\u201d as defined under Canadian securities laws (\u201cforward-looking statements\u201d). These forward-looking statements are often identified by words such as \u201cintends\u201d, \u201canticipates\u201d, \u201cexpects\u201d, \u201cbelieves\u201d, \u201cplans\u201d, \u201clikely\u201d, or similar words. The forward-looking statements reflect management&#8217;s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under \u201cRisk Factors\u201d in the Corporation\u2019s Management\u2019s Discussion &amp; Analysis for the period ended September 30, 2025, which is available on SEDAR+ at <a href=\"https:\/\/www.sedarplus.ca\" target=\"_blank\" rel=\"noopener\">www.sedarplus.ca<\/a>; they could cause actual events or results to differ materially from those projected in any forward-looking statements.<\/em><\/p>\n<p><em>Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.<\/em><\/p>\n<p><strong>Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the<\/strong><\/p>\n<p><strong>TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release<\/strong><em>.<\/em><\/p>\n","protected":false},"parent":0,"template":"","class_list":["post-951","news","type-news","status-publish","hentry"],"acf":{"pdf_file":1602},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CHARBONE Increases $10M Convertible Loan First Drawdown Amount to $3M &#062; 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