PowerBank raises $4.2M in direct offering to fund U.S. federal projects

PowerBank Corporation (NASDAQ: PBK, Cboe CA: PBK) announced it has entered into securities purchase agreements with two institutional investors for the sale of 7,000,000 common shares in a registered direct offering, with gross proceeds expected to reach approximately $4.2 million before placement agent fees and other expenses.

The closing is expected to occur on or about July 1, 2026, subject to customary closing conditions. The Toronto-based energy company said it intends to use net proceeds to fund its independent power producer project portfolio, working capital, and general corporate purposes.

Chief Executive Officer Richard Lu said in a statement that the proceeds "will directly support our IPP portfolio, including projects with U.S. Department of Military and Naval Affairs and other U.S. Federal government projects."

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering, which is being made pursuant to a shelf registration statement on Form F-10 that became effective May 9, 2025.

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