H2 VENTURES 1 INC. COMPLETES INITIAL PUBLIC OFFERING AND LISTING ON THE TSXV EXCHANGE

VANCOUVER, BC, Feb. 9, 2022 /CNW/ - H2 Ventures 1 Inc. ("H2" or the "Corporation") is pleased to announce that it completed an initial public offering ("IPO") of 50,000,000 common shares of the Corporation (the "Common Shares") at a price of $0.10 per Common Share for gross proceeds of $5,000,000 and is now listed on the TSX Venture Exchange (the "Exchange"). The Common Shares were listed on the Exchange at market open on February 9, 2022, and trading was immediately halted pending closing of the IPO. The halt is expected to be lifted and trading of the Common Shares is expected to resume on or about February 11, 2022 under the symbol "HO.P". When combined with the cash proceeds raised prior to the IPO, the Corporation has raised total gross proceeds of $5,560,000 and has a total of 61,200,000 Common Shares issued and outstanding, of which 11,200,000 are currently held in escrow pursuant to the policies of the Exchange.

The net proceeds of the offering, together with the proceeds from prior sales, will be used by the Corporation to identify and evaluate assets or businesses for acquisition with a view to completing a "Qualifying Transaction" in the hydrogen, fuel cell and clean energy sectors under the Exchange's capital pool company program ("CPC Program").

Canaccord Genuity Corp. (the "Agent") acted as the sole agent and sole bookrunner for the IPO. In connection with the offering, the Agent received a cash commission equal to 8% of the gross proceeds of the Offering and an administration fee. In addition, the Corporation granted to the Agent non-transferable options to acquire up to an aggregate of 4,000,000 Common Shares (the "Agent's Options"). Each Agent's Option is exercisable to acquire one Common Share at an exercise price of $0.10 for a period of 24 months following the completion of the offering.

The prospectus filed in connection with the IPO also qualified previously granted options to certain directors and officers of the Corporation exercisable to acquire up to an aggregate of 1,000,000 Common Shares (the "D&O Options"). Each D&O Option is exercisable to acquire one Common Share at an exercise price of $0.05 per Common Share until June 4, 2026. 

For further information please see the Corporation's prospectus dated December 9, 2021, available under the Corporation's profile on SEDAR at www.sedar.com.

ABOUT H2 VENTURES 1 INC.

H2 is a capital pool company within the meaning of the Exchange's CPC Program policies that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the Exchange's CPC Program policies, until the completion of its Qualifying Transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including statements about the Corporation's future plans and intentions, the Corporation's expectation as to the resumption of trading of the Common Shares, the stated use of proceeds of the offering and completion of a Qualifying Transaction constitute forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, are intended to identify forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof. Actual future results may differ materially.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE H2 Ventures 1 Inc.

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