EEStor Completes $750,000 Private Placement
August 07 2019 - 2:28PM
EEStor Corporation (“
EEStor” or the
“
Company”) (TSX VENTURE:ESU) announces that it has
completed the final tranche of its previously announced
non-brokered private placement through the issuance of 3,500,000
units (each, a “
Unit”) for gross proceeds of
C$175,000. When combined with the earlier tranches, the Company has
raised C$750,000 through the issuance of 15,000,000 Units in
connection with the private placement.
Each Unit is priced at C$0.05 and consists of
one common share and one common share purchase warrant (each, a
“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.
In connection with completion of the placement,
the Company has paid $9,000, and issued 80,000 Warrants, to an
arms’-length third-party who assisted in introducing a subscriber
to the placement. All securities issued pursuant to the private
placement are subject to a four-month-and-one-day statutory hold
period in accordance with applicable Canadian securities laws.
A director of the Company subscribed for and
acquired 3,550,000 Units in the placement. The placement to
this director constitutes a “related party transaction” within the
meaning of TSX Venture Exchange Policy 5.9 and Multilateral
Instrument 61‑101 ‑Protection of Minority Security Holders in
Special Transactions (“MI 61‑101”). The Company
has relied on exemptions from the formal valuation and minority
shareholder approval requirements of MI 61‑101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related
party participation in the placement as neither the fair market
value (as determined under MI 61-101) of the subject matter of, nor
the fair market value of the consideration for, the transaction,
insofar as it involved the related party, exceeded 25% of the
Company’s market capitalization (as determined under MI
61-101).
Net proceeds from the private placement will be
used to advance joint venture efforts, to independently test and
certify the Company’s latest materials and for working capital and
general corporate purposes.
Ian Clifford, Founder and Chief Executive
Officer of the Company commented: “We are pleased to have closed
this important 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 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 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.
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