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BSRC - BioSolar Inc News Story

$0.043 -0.0  -1.2%

Last Trade - 6:54pm

Market Cap £22.1m
Enterprise Value £23.8m
Revenue £n/a
Position in Universe 5943rd / 6852

BioSolar Announces $5.0 Million Private Placement Offering

Mon 25th January, 2021 2:19am
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SANTA CLARITA, Calif., Jan. 24, 2021 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC:
BSRC), a developer of energy technologies, today announced that it has entered
into a securities purchase agreement with a single institutional investor to
purchase in a private placement offering 83,333,334 shares of common stock (or
common stock equivalents in lieu thereof) and warrants to purchase up to an
aggregate of 83,333,334 shares of common stock. The combined purchase price
for one share of common stock (common stock equivalent) and a warrant to
purchase one share of common stock is $0.06. The warrants have an exercise
price of $0.06 per share, will be immediately exercisable and will expire five
and one-half years from the issue date.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the
offering.

The gross proceeds from the private placement offering are expected to be
approximately $5.0 million. The Company intends to use the net proceeds
primarily to aggressively expand and accelerate the development of its
electrolyzer technology to lower the cost of green hydrogen production, as
well as for working capital and general corporate purposes. The private
placement offering is expected to close on or about January 27, 2021, subject
to the satisfaction of customary closing conditions.

The offer and sale of the foregoing securities are being made in a transaction
not involving a public offering and have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or applicable
state securities laws. Accordingly, the securities may not be reoffered or
resold in the United States except pursuant to an effective registration
statement or an applicable exemption from the registration requirements of the
Securities Act and such applicable state securities laws.

Under an agreement with the investors, the Company is required to file an
initial registration statement with the Securities and Exchange Commission
covering the resale of the shares of common stock to be issued to the
investors within 15 calendar days and to use its best efforts to have the
registration statement declared effective as promptly as practical thereafter,
and in any event no later than 90 days after today in the event of a “full
review” by the Securities and Exchange Commission.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy, nor there any sales of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such jurisdiction.

The Company recently announced that is in the process of changing its
corporate name to NewHydrogen, Inc. to better reflect its expanded focus on
green hydrogen technologies.

About BioSolar, Inc.

BioSolar is a developer of clean energy technologies including green hydrogen,
and lithium-ion battery components. The Company’s current focus is on
developing a breakthrough electrolyzer technology to lower the cost of Green
Hydrogen production. Hydrogen is the cleanest and most abundant fuel in the
universe. It is zero-emission and only produces water vapor when used.
However, hydrogen does not exist in its pure form on Earth so it must be
extracted. For centuries, scientists have known how to use electricity to
split water into hydrogen and oxygen using a device called an electrolyzer.
Electrolyzers installed behind a solar farm or wind farm can use renewable
electricity to split water, thereby producing Green Hydrogen. Unfortunately,
electrolyzers are expensive and rely on rare earth materials such as platinum
and iridium. These very expensive materials account for nearly 50% of the cost
of electrolyzers. The Company’s technology is aimed at significantly
reducing or replacing rare earth materials in electrolyzers with inexpensive
earth abundant materials to help usher in a Green Hydrogen economy that
Goldman Sachs estimates will be worth $12 trillion by 2050. 

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions identify such
forward-looking statements. Actual results, performance or achievements could
differ materially from those contemplated, expressed or implied by the
forward-looking statements contained herein. These statements include, without
limitation, statements related to our ability to close the private placement
offering and the gross proceeds from the offering and the use of proceeds.
These forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These include,
but are not limited to, risks and uncertainties associated with: market and
other conditions, the impact of economic, competitive and other factors
affecting the Company and its operations, and other factors detailed in
reports filed by the Company with the Securities and Exchange Commission.

Contact Information

Investor Relations Contact:
Tom Becker
BioSolar, Inc.
ir@biosolar.com
(877) 904-3733





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