BioPower Operations Corporation announced that it has entered into an equity purchase agreement for an equity line of funding with new investor, Peak One Opportunity Fund, L.P., a fund managed by Peak One Investments, LLC for gross proceeds of up to $15,000,000 on August 8, 2022. The company will have the right but not the obligation, to direct Investor, to purchase up to $15,000,000 in shares of the company, par value $0.0001 per share in multiple tranches. Further, under the agreement and subject to the maximum commitment amount, the company has the right, but not the obligation, to submit a put notice from time to time to Investor in a minimum amount not less than $15,000 and in a maximum amount up to the lesser of $300,000 or 200% of the average daily trading value.

In exchange for investor entering into the agreement, the company agreed, among other things, to issue investor and Peak One Investments, LLC, an aggregate of 500,000 shares of common stock, all shares of common stock issued, or that the company shall be entitled to issue, per any applicable put notice, and file a registration statement registering the common stock issued as securities or issuable to Investor under the agreement for resale with the securities and exchange commission within 60 calendar days of the agreement. The obligation of investor to purchase common stock shall begin on the date of the agreement, and ending on the earlier of the date on which investor shall have purchased common stock pursuant to this agreement equal to the maximum commitment amount, 36 months after the date of the agreement, written notice of termination by the company to investor, the registration statement is no longer effective after the initial effective date of the registration statement, or the date that the company commences a voluntary case or any person commences a proceeding against the company, a custodian is appointed for the company or for all or substantially all of its property or the company makes a general assignment for the benefit of its creditors. The securities in reliance upon an exemption from registration contained in Section 4(a)(2) of the Securities Act and Regulation D.