Vision Hydrogen Corp. has announced that it has monetised its 100% interest in its Vlissingen green hydrogen development project and its 50% interest in its Terneuzen green hydrogen development project through the sale of its Dutch interests to Volt Energy BV, wholly-owned by its former co-CEO Andre Jurres. The Purchaser paid total consideration of US$23 627 274, being US$11 250 000 in cash and 1 768 182 shares of the Company’s common stock owned by the Purchaser valued at the current market price of US$7 per share, reducing the Company’s outstanding common shares by 8.3%, to 19,548,776 shares of common stock outstanding. The cash proceeds realised by the Company, before deduction of transaction costs, represent a payment of approximately US$0.58 cents per share.
Andrew Hromyk, Vision Hydrogen CEO said: “Consistent with our plan to fund our development trajectory through monetising early-stage development projects, VisionH2 is pleased to have established proof of concept with our initial two projects. With numerous hydrogen and carbon abatement projects in very early stages of development across Europe and our proven method economically rewarded much earlier than forecast, the Company is well positioned for future growth.”
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Read the article online at: https://www.globalhydrogenreview.com/hydrogen/24052022/vision-hydrogen-monetises-first-two-development-projects/