EEStor Receives Approval for Extension of Warrants
June 12 2019 - 6:00AM
EEStor Corporation (“
EEStor” or the
"
Company") (TSX VENTURE:ESU) announced today that,
further to the Company’s press release of June 5, 2019, the Company
has received TSX Venture Exchange (the “
Exchange”)
acceptance for the extension of the expiry date of 16,501,667
outstanding common share purchase warrants from June 16, 2019 to
June 16, 2020.
The Company also announced that it has determined to extend the
expiry date of 2,978,333 additional share purchase warrants
originally issued by the Company on July 11, 2016 (the
“July 2016 Warrants”) to the expiry date of July
11, 2020, for which Exchange approval has also been received. Each
July 2016 Warrant entitles the holder to purchase one common share
of the Company at a price of $0.30 per share.One director of the
Company owns 12% of the outstanding July 2016 Warrants. This
director recused their self from all discussions, deliberations and
approvals concerning the extension of the July 2016 Warrants. As a
result of the director’s ownership of the July 2016 Warrants, that
portion of the warrant extension is considered to be a “related
party transaction” as defined under Multilateral Instrument 61-101
(“MI 61-101”) and TSX Venture Exchange policy 5.9
(“Policy 5.9”). The related party portion of the
warrant extension is however, exempt from the formal valuation and
minority shareholder approval requirements of MI 61-101 and Policy
5.9, as the fair market value of the warrants held by the insider
did not exceed 25% of the Company’s market capitalization at the
relevant time.
About EEStor CorporationEEStor 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.
For additional information please contact:Ian
Clifford Chief Executive Officer EEStor Corporation Tel.
416-535-8395 ext. 3 ian.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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