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TORONTO, March 16, 2018 (GLOBE NEWSWIRE) — EEStor Corporation (“EEStor” or the “Company“) (TSX VENTURE:ESU) announced today that it has completed the first tranche of its previously announced non-brokered private placement raising gross proceeds of C$1,216,500 from the sale of 4,055,000 units. Each unit was priced at C$0.30 and consisted of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share at a price of C$0.45 for a period of 24 months from the closing date of the offering. All securities issued pursuant to the private placement are subject to a 4-month hold period in Canada expiring July 17, 2018.
Subject to regulatory approval, EEStor will pay cash finder’s fees of C$21,600 and issue 60,000 finder’s warrants having the same terms as the warrants issued to subscribers under the offering. Net proceeds from the private placement will be used for working capital and general corporate purposes.
About EEStor Corporation
EEStor Corporation’s mission is to be the provider of leading edge electrical energy storage and related technologies. EEStor operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. EEStor’s current business strategy is focused on licensing opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to solid-state, high energy density capacitors.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the completion of the various enhancement phases underway to warrant the anticipated licensing opportunities in the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s public filings.
For additional information please contact:
Ian Clifford
Chief Executive Officer
EEStor Corporation
Tel. 416-535-8395 ext. 3
[email protected]
Mark Olson
Senior Vice President
Sparkpr
Tel. 512-507-1993
[email protected]
Neither 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.