TORONTO, Feb. 08, 2021 (GLOBE NEWSWIRE) — EEStor Corporation (TSXV: ESU) (the “Company”) is pleased to announce that it has received commitments for a non-brokered private placement (the “Offering”) of 10,000,000 units (each, a “Unit”) at a price of $0.10 per unit for gross proceeds of $1,000,000. Each “Unit” consists of one common share of the Company, and one common share purchase warrant (each, a “Warrant”) exercisable to acquire an additional common share at a price of $0.12 for a period of twenty-four months. The Warrants are subject to accelerated expiry in the event the closing price of the common shares of the Company on the TSX Venture Exchange is $0.20 or more for a period of ten consecutive trading days on or after the date which is four-months-and-one-day from the date of issuance.
The Company anticipates utilizing the proceeds of the Offering for general working capital and corporate purposes. The Company may pay finders’ fees to eligible parties in connection with the introduction of subscribers to the Offering. Closing is expected to occur following receipt of approval from the TSX Venture Exchange. All securities to be issued in connection with the Offering will be subject to statutory restrictions on resale for a period of four-months-and-one-day from the date of issuance.
The Company also announces that effective at the close of business on February 8, 2021 it will change its name to FuelPositive Corporation. Effective at the open of markets on February 9, 2021, the common shares of the Company will commence trading on the TSX Venture Exchange under the new name and the new ticker symbol “NHHH”.
Finally, the Company confirms that on January 6, 2021, it completed the non-brokered private placement of 400,000 units of the Company at a price of $0.05 per unit. For further information concerning the offering, readers are encouraged to review the news release issued by the Company on December 31, 2020.
EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications. EEStor’s foundational technology is based on its high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material.
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