Eureka Capital Corp. announced on August 22, 2024, that it has entered into a definitive business combination agreement with Empire Hydrogen Energy Systems Inc. through its wholly-owned subsidiary, 16299440 Canada Inc. The transaction will serve as Eureka's qualifying transaction under TSX Venture Exchange policies. Upon completion, Eureka will be renamed "Empire Hydrogen Energy Systems Inc." and will continue the business of Empire, which focuses on hydrogen fuel enhancement systems for large diesel engines.

The transaction involves the exchange of Empire’s shares for Eureka’s shares at a ratio of 1.2 Eureka shares per Empire share, with a deemed value of $0.2083 per Eureka share. Approximately 26.9 million shares of the resulting issuer will be issued to Empire shareholders.

The transaction, expected to close in November 2024, is subject to regulatory and shareholder approvals. Eureka will also conduct a private placement to raise $600,000 before the transaction closes.

Gowling WLG (Canada) LLP advised Eureka Capital Corp., and Crease Harman LLP advised Empire Hydrogen Energy Systems Inc. The deal is pending approval from the TSX Venture Exchange and Empire's shareholders.