EEStor Completes Second Tranche of Private Placement
June 05 2019 - 6:00AM
EEStor Corporation (“
EEStor” or the
"
Company") (TSX VENTURE:ESU) announced today that
it has completed the second tranche of its previously announced
non-brokered private placement raising gross proceeds of C$250,000
from the sale of 5,000,000 units. Each unit was priced at
C$0.05 and consisted of one common share and one common share
purchase warrant. Each common share purchase warrant entitles
the holder to acquire one additional common share at a price of
C$0.10 for a period of 60 months from the closing date of the
offering. All securities issued pursuant to the private
placement are subject to a 4-month hold period in Canada expiring
October 6, 2019.
Net proceeds from the private placement will be
used to advance joint venture efforts and to independently test and
certify the Companies latest materials and for working capital and
general corporate purposes.
Ian Clifford, Founder and CEO commented: “We are
pleased with the building support in this financing and to have
closed the second tranche rapidly. As I previously stated, our key
objective for the proceeds will be to further, and ultimately
conclude, a number of highly strategic joint venture discussions
currently underway on several continents. We are hopeful that, in
the near future, we will secure strategic joint venture
relationships with one or more global entities specializing in our
space. Additionally, we plan to independently test and certify a
selection of our latest materials, which have produced some very
meaningful results internally.”
About EEStor Corporation
EEStor is a developer of high energy density
solid-state capacitor technology utilizing the Corporation’s
patented Composition Modified Barium Titanate (CMBT) material. The
Corporation is focused on joint venture and licensing opportunities
for its technology across a broad spectrum of industries and
applications.
Cautionary Statement on Forward-Looking
Information
All statements, other than statements of
historical fact, contained in this press release including, but not
limited to, those relating to the closing and expected timing of
the Financing, the subscription and amounts to be subscribed for by
the investors contemplated by the Financing, and generally, the
above “About EEStor” paragraph which essentially describes the
Corporation’s outlook, constitute ”forward-looking information” or
“forward-looking statements” within the meaning of certain
securities laws, and are based on expectations, estimates and
projections as of the time of this press release. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Corporation as
of the time of such statements, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. These estimates and assumptions may prove to be
incorrect. Many of these uncertainties and contingencies can
directly or indirectly affect, and could cause, actual results to
differ materially from those expressed or implied in any
forward-looking statements and future events, could differ
materially from those anticipated in such statements.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. Forward-looking
statements are provided for the purpose of providing information
about management's endeavours to secure joint ventures and
licensing of the Corporation’s technology and, more generally, its
expectations and plans relating to the future. Readers are
cautioned not to place undue reliance on these forward-looking
statements as a number of important risk factors and future events
could cause the actual outcomes to differ materially from the
beliefs, plans, objectives, expectations, anticipations, estimates,
assumptions and intentions expressed in such forward-looking
statements. All of the forward-looking statements made in this
press release are qualified by these cautionary statements and
those made in our other filings with the securities regulators of
Canada including, but not limited to, the cautionary statements
made in the “Risk Factors” section of the Corporation’s public
filings. The Corporation disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
For additional information please contact:
Ian CliffordChief Executive OfficerEEStor CorporationTel.
416-535-8395 ext. 3ian.clifford@eestorcorp.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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