Harmony Energy Technologies Corporation (“Harmony” or the “Company”) is pleased to announce the completion of a non-brokered private placement (the “Private Placement”). An aggregate of 2,381,880 units of the Company (the “Units”) were issued at a price of US$0.10 per Unit for gross proceeds of US$238,188. Each Unit consists of one common stock of the Company and one common stock purchase warrant (“Warrant”). Each Warrant entitles its holder to purchase one common stock at the purchase price of US$0.25 per share during a 24-month period beginning at the closing date. Any securities issued under the Private Placement are subject to a hold period of twelve months and one day from their date of issuance.
Harmony also announces the settlements of account payable to one insider of the Company for an aggregate amount of US$12,000.00 (the “Insider Debt Settlement”), in consideration for the issuance of an aggregate of 120,000 Shares (deemed price of US$0.10 per Share). The Company’s Board is of the view that this Insider Debt Settlement is an effective means of preserving the treasury.
To compensate one insider for his business management service, the Company issues 80,000 common stock of the Company as one time compensation, in lieu of cash consideration at a prices of US$0.10 per share. The Company’s Board is of the view that this is an appropriate means of compensation, as well as an effective means of preserving the treasury.
As a startup, Harmony realizes that the key team members are the main assets and major force to develop the business for Harmony. In order to retain the two team members to continue working for the Company till the end of 2024, the Company issues 1,000,000 common stock of the Company to each of the two key team members as one time retainer bonus, in lieu of cash consideration at a prices of US$0.10 per share. The Company’s Board is of the view that this bonus arrangement is an appropriate means of motivation and compensation, as well as an effective means of preserving the treasury.
The Company announces the mutual termination of the License Agreement for Vanadium Electrolyte. Please refer to the Press Release of Golden Share Resources Corporation dated October 18, 2016.
At the same time, the Company announces that Ms. Nan Du resigned as a director of board effective September 24, 2021, while Ms. Du remains working as a full-time employee of Shenzhen Smarten Technology Co., Ltd., China, the wholly subsidiary of the Company.
About Harmony
Harmony Energy Technologies Corporation is an American technology startup focusing on energy storage business developments.
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