EEStor Corporation Completes First Tranche of Private Placement
December 31 2019 - 6:00AM
EEStor Corporation (TSX.V: ESU) (“
EEStor” or the
“
Corporation”), is pleased to announce that it has
completed an initial tranche of its non-brokered private placement
(the “
Placement”). In connection with
completion of the tranche, the Corporation has issued 4,570,000
units (each, a “
Unit”), at a price of $0.05 per
Unit, for gross proceeds of $228,500. Each “Unit” consists of
one common share of the Corporation, and one common share purchase
warrant entitling the holder to acquire an additional common share
at a price of $0.10 per share for a period of twenty-four months.
Ian Clifford, Founder and CEO of the Company
commented: “We are pleased to have completed the first tranche of
this financing. The proceeds are targeted to allow EEStor to
finalize due diligence in anticipation of moving forward with the
acquisition of FWG.”
The Corporation intends to complete further
tranches of the Placement, and is offering up to 17,000,000 Units
in the Placement. Information regarding completion of further
tranches of the Placement will be provided as it becomes
available. No finders’ fees were paid in connection with
completion of the initial tranche of the Placement, but the
Corporation may pay finders’ fees to eligible parties which have
assisted by introducing subscribers to further tranches. 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.
About EEStor
EEStor is a developer of high energy density
solid-state capacitor technology utilizing patented Composition
Modified Barium Titanate (CMBT) material. EEStor is committed
to 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 |
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