EEStor Corporation to Complete Private Placement
November 15 2019 - 6:00AM
EEStor Corporation (TSX.V: “ESU-V”) (“
EEStor”), is
pleased to announce that it will conduct a non-brokered private
placement of up to 7,000,000 units (each, a
“
Unit”), at a price of $0.05 per Unit, for gross
proceeds of up to $350,000. Each “
Unit” will
consist 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 twenty-four months.
EEStor anticipates utilizing the proceeds from
the placement to accelerate due diligence in connection with its
proposed acquisition of FWG Ltd. (the
“Acquisition”), announced on November 13, 2019,
with specific emphasis on the completion of multi-source third
party validation of their carbon-based battery and graphene-based
capacitor technologies, and for general working capital
purposes. The Acquisition is not contingent on completion of
the placement, but EEStor does require additional working capital
prior to completion of the Acquisition.
Ian Clifford, Founder and CEO of EEStor
commented: “This financing is intended to build on the momentum of
the contemplated acquisition of FWG. We have third party
independent certifications ready to implement to confirm and expand
upon internal testing results. Assuming a positive outcome on
these certifications, we potentially have the basis of a disruptive
lead acid battery replacement.”
The placement will be available to accredited
investors in Canada, and eligible international investors. In
connection with the placement, EEStor may pay finders fees to
eligible parties who have assisted by introducing
subscribers. Completion of the placement remains subject to
the approval of the TSX Venture Exchange. All securities to
be issued in connection with the private placement will be subject
to a four-month-and-one-day statutory hold period in accordance
with applicable securities laws.
About EEStor
EEStor is a developer of high energy density
solid-state capacitor technology utilizing patented Composition
Modified Barium Titanate (CMBT) material. EEStor is focused
on providing commercially viable energy storage solutions 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 |
|
EEStor (TSXV:ESU)
Historical Stock Chart
From Jun 2024 to Jul 2024
EEStor (TSXV:ESU)
Historical Stock Chart
From Jul 2023 to Jul 2024