EEStor Corporation Provides Default Status Update and Amends Terms of Bridge Financing
March 10 2020 - 8:32AM
EEStor Corporation (TSX.V: ESU) (“
EEStor” or the
“
Corporation”) has provided a status update under
the alternative information guidelines set out in National Policy
12-203 (Management Cease Trade Orders), which require the
Corporation to provide biweekly updates until such time as the
Corporation is current with its filing obligations under Canadian
securities laws. 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 two 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 has also been 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 announces that it has
reached an agreement to amended the terms of a bridge loan
previously made to the Corporation in the principal amount of
$50,000. Under the terms of the amended, the lender
has agreed to reduce the financing fee associated with the
bridge loan to $3,000. As further consideration for the loan,
the Corporation has issued 1,000,000 share purchase warrants to the
lender (the “Loan Warrants”), each of which is
exercisable to acquire a common share of the Corporation at a price
of $0.05 per share until March 10, 2021. The Loan Warrants,
and any common shares issuable upon the exercise of the Loan
Warrants, are subject to a four-month-and-day statutory hold period
from the date of issuance of the Loan Warrants. For further
information regarding the bridge loan, readers are encouraged to
review the news release issued by the Corporation on February 19,
2020.
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 Clifford Chief Executive
Officer 416-535-8395 ext.3ian.clifford@eestorcorp.com |
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