TORONTO, Nov. 02, 2020 (GLOBE NEWSWIRE) — EEStor Corporation (TSX.V: ESU) (“EEStor” or the “Corporation”) announces that it has completed the offering (the “Offering”) of 21,428,571 units (each, a “Unit”) by way of non-brokered private placement at a price of $0.035 per Unit for gross proceeds of $750,000. Each “Unit” consists of one common share of the Corporation, and one share purchase warrant (each, “Warrant”) entitling the holder to acquire an additional common share at a price of $0.05 until November 2, 2022.
The Corporation intends to use the proceeds of the Offering to retire existing payables, support operations and cover general and administrative expenses for the next six months. For further information regarding the intended use of proceeds from the Offering, readers are encourage to review the Company’s news release of October 9, 2020.
In connection with completion of the Offering, the Corporation has paid $45,500 and issued 1,300,000 Warrants to certain arms-length third-parties who assisted by introducing subscribers to the Offering. All securities issued by the Corporation in connection with the Offering are subject to hold period in accordance with the policies of the TSX Venture Exchange until March 3, 2021.
Ian Clifford, Founder and CEO of the Corporation commented: “We were delighted with market interest in the financing, and it is also important to note that participation in this round included new and strategic institutional investors. We heard repeatedly, during the marketing of this financing, of a growing awareness regarding the necessity for a profound shift away from fossil fuel dependency which can be achieved with a truly carbon neutral fossil fuel replacement technology.”
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