EEStor to Complete Final Tranche of Private Placement
July 12 2019 - 7:05AM
EEStor Corporation (the “Company”) (TSXV: ESU) announces that it
will conduct a final tranche of its previously announced
non-brokered private placement through the offering of up to
3,500,000 units (each, a “Unit”), at a price of $0.05 per Unit, for
gross proceeds of up to $175,000. Each “Unit” consists of one
common share and one common share purchase warrant entitling the
holder to acquire an additional common share at a price of $0.10
for a period of sixty months.
Assuming completion of this final tranche in
full, when combined with the earlier tranches of the placement, the
Company will have received gross proceeds totaling $750,000.
The net proceeds from the placement will be used to advance ongoing
joint venture efforts, to independently test and certify the
Company’s latest materials, and for general corporate purposes.
Ian Clifford, Founder and CEO commented: “We are
pleased to be reaching the conclusion of this financing. 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 remain hopeful that,
in the near future, we will secure strategic joint venture
relationships with one or more global entities specializing in our
space. Our team in Austin is focussed entirely on that outcome.
Additionally, we plan to independently test and certify a selection
of our latest materials, which have produced some very meaningful
results internally. Finally, we also plan to focus intensely on
getting our story out to new audiences and stakeholders in the
coming months.”
In connection with completion of the final
tranche of the placement, the Company may pay finders’ fees to
eligible third-parties who have introduced subscribers to the
placement. All securities issued in connection with the
placement are subject to a four-month-and-one-day statutory hold
period in accordance with applicable securities laws.
Completion of the final tranche of the placement remains subject to
the approval of the TSX Venture Exchange.
About EEStor Corporation
EEStor Corporation is a developer of high energy
density solid-state capacitor technology utilizing the
Corporation’s patented Composition Modified Barium Titanate (CMBT)
material. The Company is focused on licensing opportunities for its
technology across a broad spectrum of industries and
applications.
Neither the 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.
All statements, other than statements of
historical fact, contained in this press release including, but not
limited to (i) generally, or the “About EEStor” paragraph which
essentially describes the Corporation’s outlook and objectives,
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. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management's expectations and plans relating to the future. 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 FURTHER INFORMATION, PLEASE
CONTACT:
Mr. Ian Clifford Chief Executive Officer 416 535-8395
ext.3Ian.clifford@eestorcorp.com
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