TORONTO, Nov. 15, 2019 (GLOBE NEWSWIRE) -- 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.
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.3 Ian.firstname.lastname@example.org