header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
51°F
 
Calendar
Today in
S.C.V. History
December 5
1938 - Supervisors award construction contract for jail at Wayside Farms in Castaic (later called Pitchess Detention Center). [story]
Wayside


BioSolar, Inc. (OTC: BSRC), a Santa Clarita-based developer of green energy technologies, announced Sunday 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.

BioSolar 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.

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 January 24 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.

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.

For more information about BioSolar and NewHydrogen, Inc., visit the company’s website and the NewHydrogen page.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1938 - Supervisors award construction contract for jail at Wayside Farms in Castaic (later called Pitchess Detention Center). [story]
Wayside
1962- Actress and future Soledad Canyon big-cat rescuer Tippi Hedren, "Hitchcock's New Grace Kelly," makes cover of Look magazine for upcoming thriller, "The Birds" [story]
Tippi Hedren
The Santa Clarita City Council will take a major step toward enhancing one of the city of Santa Clarita’s landmark amenities by holding a groundbreaking ceremony for the Central Park Buildout project on Monday, Dec. 6.
City Invites Community to Central Park Buildout Groundbreaking
Los Angeles County Department of Public Health officials confirmed Friday 17 new deaths and 1,942 new cases of COVID-19 countywide, with 39,281 total cases in the Santa Clarita Valley.
Friday COVID Roundup: Cases Among People Experiencing Homelessness Declines for 2nd Month in a Row
The city of Santa Clarita Planning Commission will hold its regular meeting Tuesday, Dec. 7 at 6:00 p.m.
Dec. 7: Planning Commission Regular Meeting
The first cohort of the College of the Canyons Low Observable Technician Pathway graduated on Nov. 23. 2021 at a special ceremony held at the college’s culinary arts center.
COC’s First Low Observable Technician Pathway Cohort Graduates
The Board of Trustees of the Santa Clarita Community College District is undergoing the redistricting process, and community members will have the opportunity to comment on revised trustee area boundaries at two upcoming public hearings.
Santa Clarita Community College District Board of Trustees Undergoing Redistricting
The California Highway Patrol joins the American Occupational Therapy Association in recognizing Dec. 6 through Dec. 10, 2021, as Older Driver Safety Awareness Week.
Dec. 6-10: 2021 Older Driver Safety Awareness Week
On Wednesday, Dec. 1, College of the Canyons held a ribbon-cutting ceremony for the Don Takeda Science Center, which is named in honor of longtime biology instructor Don Takeda, who retired in 2017.
COC Holds Ribbon Cutting Ceremony for Don Takeda Science Center
To help ring in the holiday season, Los Angeles County Supervisor Kathryn Barger hosted her annual party for foster youth served by the Department of Children and Family Services and their foster families at Six Flags Magic Mountain on Saturday, Dec. 4.
Supervisor Barger Hosts Annual Foster Youth Holiday Party at Six Flags
The Los Angeles County Lake Lifeguards begin the search for potential new lifeguard candidates with the Lake Lifeguard Test Saturday, Dec. 4 at the Castaic Aquatic Center.
Dec. 4: Lake Lifeguard Test Starts at the Castaic Aquatic Center
1887 - Prohibitionist Henry Needham purchases land in Newhall, attempts to establish "dry" colony [story]
H.C. Needham
The Los Angeles County Department of Public Health has received confirmation of its first case of COVID-19 with mutations consistent with the new Omicron variant (B.1.1.529).
Thursday COVID Roundup: First Case of Omicron Detected in L.A. County
Andrew Ghassemi, senior vice president of Spectrum Commercial Real Estate, Inc., is pleased to announce the recent sale of a Class-A office building in Valencia.
Spectrum Real Estate Closes on $3.5M Sale of Valencia Office Building
Metro Los Angeles celebrated the groundbreaking Wednesday for the I-5 North County Enhancements Project, which will improve the operations and safety of the I-5 freeway for motorists in the Santa Clarita Valley.
Interstate 5 Improvement Project Breaks Ground in Santa Clarita
Do you take the easy route with a bag and tissue paper because your wrapping job looks like a crumpled mess?
Learn How to Wrap Gifts Like a Pro Thanks to JCI Santa Clarita
Commercial driver’s licenses, learner’s permits, endorsements and special certificates expiring between March 2020 and February 2022, are automatically extended through Feb. 28, 2022, the California Department of Motor Vehicles announced Thursday.
DMV Extending Commercial Driver’s Licenses, Learner’s Permits
1972 - Five wounded in Vagos biker gang shooting at Curtis & JoAnne Darcy's Acton '49er Saloon [story]
Darcys 49er
We are in the home stretch of the holiday season. I hope you have made plans to safely celebrate with family and friends. I also want to encourage you to keep safety in mind when shopping for that perfect gift for your loved ones.
City Manager’s Monthly Message – December 2021
La Mesa Junior High 8th graders will soon be building water bottle rockets as part of their science program, thanks to funding from California Credit Union through its Fall 2021 Teacher Grant program.
La Mesa Teacher Wins Fall 2021 Teacher Grant
Los Angeles County Animal Care and Control is celebrating the 'Paw"lidays by offering the gift of a new furry friend. 
Adoption Fees Waived Through End of the Year
Santa Clarita Artists Association is pleased to showcase an oil painting demo by Sharon Weaver on Feb. 21, 2022.
Artists Association Presents Oil Painting Showcase With Sharon Weaver
The Santa Clarita Valley Sheriff’s Station has once again begun collecting toys as part of the Annual Holiday Toy Drive.
Sheriff Station Seeks Donations For 2021 Holiday Toy Drive
SCVNews.com
%d bloggers like this: