Hexagon Energy Materials (ASX: $HXG) funding announcement

Hexagon Energy Materials Limited (ASX: $HXG) has successfully completed a funding round of A$1 million (A$0.94 million net of fees) to advance its WAH2 low-emissions ammonia project. The funding, structured as a convertible note, will support the Company's progression to the FEED stage, enabling technical work, regulatory approvals, and commercial negotiations with key partners. Hexagon's target remains WAH2 FEED entry in Q3 2024.

Chairman Charles Whitfield's perspective on the funding

This funding clears the path for the Company to finalize its technical work to FEED, which will in turn clear the final steps to the engagement with our strategic partners. The placement has been specifically structured with the help of a key investor so that the Company can benefit from any future uplift in the share price upon the achievement of key milestones. After a substantial amount of work by our highly experienced team, the key jigsaw pieces are falling into place. We expect to see an accelerating pattern of announcements as they are finalized. The management of Hexagon looks forward to carrying out a number of Town Hall meetings for investors over the coming months as well as providing further updates as elements of the project are progressed.

Summary of Hexagon's funding and WAH2 project outlook

Hexagon Energy Materials Limited (ASX: $HXG) has successfully secured A$1 million in funding, structured as a convertible note, to advance its WAH2 low-emissions ammonia project. The funding will facilitate technical work, regulatory approvals, and commercial negotiations with key partners, with the target of WAH2 FEED entry in Q3 2024. The Company's Chairman, Charles Whitfield, expressed optimism about the funding, highlighting the strategic structuring to benefit from future share price uplifts. Hexagon's WAH2 project aims to supply low-emissions ammonia to the Asia Pacific, with ongoing market developments and strengthening demand. The Company's focus on regulatory approvals and commercial discussions reflects its commitment to achieving its project goals and contributing to the energy transition. With the funding in place, Hexagon is poised to make significant strides in the development of its WAH2 project.