EEStor Corporation Provides Update on Outstanding Filings and Loan Settlement and Amends Terms of Share Purchase Warrants
March 02 2020 - 6:00AM
EEStor Corporation (TSX.V: ESU) (“
EEStor” or the
“
Corporation”) announces that it remains unable to
file its 2019 annual audited financial statements, the related
management’s discussion and analysis, and CEO and CFO
certifications (collectively, the “
Required
Filings”), which were due on or before January 28, 2020.
The Corporation is currently subject to a voluntary management
cease trade order issued by the Ontario Securities Commission on
January 29, 2020 in connection with the Required Filings.
The annual financial statements and annual
management’s discussion and analysis and the associated audit work
is in process, but the Corporation is unable to complete and file
such materials pending the completion of the audit. The Corporation
continues to expect the audit to be completed in the coming weeks
and anticipates being in a position to complete the Required
Filings by March 20, 2020.
As result of the delay in completing the
Required Filings, the Corporation will also be delayed in the
filing of its interim financial statements for the three-month
period ended December 31, 2019, the related management’s discussion
and analysis, and CEO and CFO certificates (collectively, the
“Interim Filings”), which were due on or before
March 2, 2020. The Corporation anticipates being able to complete
the Interim Filings at the same time as the Required Filings.
The Corporation confirms that it will continue
to satisfy the provisions of the alternative information guidelines
described in Section 9 and Section 10 of National Policy 12-203
(Management Cease Trade Orders) for so long as it remains in
default of the requirement to file the Required Filings and the
Interim Filings.
The Corporation also confirms that it has
elected not to proceed with the proposed settlement of a bridge
loan provided to the Corporation by Robert Tocchio, a director of
the Corporation, as previously announced. The final terms of the
settlement required that a cash payment be made to Mr. Tocchio.
Corporation, and Mr. Tocchio, have determined that it is in the
best interests of the Corporation to preserve available cash at
this time. The Corporation intends to revisit the settlement with
Mr. Tocchio once additional capital is available, and in the
interim the bridge loan will continue to be governed by the terms
of the loan agreement previously entered into between the
Corporation and Mr. Tocchio.
The Corporation also announces that it intends
to amend (the “Warrant Amendment”) the terms of an
aggregate of 4,055,000 share purchase warrants (the
“Warrants”) currently exercisable to acquire
common shares of the Corporation at a price of $0.45 until March
16, 2020. Under the terms of the Warrant Amendment, the Warrants
would be exercisable at a price of $0.10 until March 16, 2021. In
accordance with the policies of the TSX Venture Exchange, the
Warrant Amendment will also provide that the exercise period of the
Warrants will be reduced to thirty days if, for any ten consecutive
trading days, the closing price of the common shares of the
Corporation on the TSX Venture Exchange is $0.125 or greater. The
reduced thirty day period will begin seven calendar days after such
ten consecutive trading day period.
The Warrants were previously issued in
connection with a non-brokered private placement completed by the
Corporation, and not in compensation for any services provided to
the Corporation. None of the Warrants are held by directors,
officers or control persons of the Corporation. Completion of the
Warrant Amendment remains subject to the approval of the TSX
Venture Exchange, and the holders of the Warrants, and will not
take effect until such time as approval has been received.
The Corporation has not taken any steps toward
any insolvency proceeding and the Corporation has no other material
information to release to the public at this time. The Corporation
has made the foregoing representations in accordance with the
requirements of 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 and sustainable energy 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 CliffordChief Executive Officer416-535-8395
ext.3ian.clifford@eestorcorp.com
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