NEWS -- EEStor to extend 19.48 million warrants to 2021
2020-06-03 11:40 ET - News Release
Mr. Ian Clifford reports
EESTOR CORPORATION EXTENDS TERM OF SHARE PURCHASE WARRANTS
EEStor Corp. will extend the term of an aggregate of 19.48 million share purchase warrants by an additional 12 months. The Warrants are exercisable at a price of $0.30. Included in the extension are 16,501,667 Warrants previously scheduled to expire on June 16, 2020, which will now expire on June 16, 2021, and 2,978,333 Warrants previously scheduled to expire on July 11, 2020, which will now expire on July 11, 2021.
The Warrants were previously issued in connection with a non-brokered private placement completed by the Corporation, and not in compensation for any services provided to the Corporation. Completion of the extension remains subject to the approval of the TSX Venture Exchange and will not take effect until such time as approval has been received.
A director of the Corporation has ownership and control of 2,253,333 of the Warrants currently scheduled to expire on July 11, 2020. This director recused himself from all discussions, deliberations and approvals concerning the extension of the Warrants. As a result of the director's ownership of the Warrants, that portion of the extension is considered to be a related-party transaction as defined under Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9. The related-party portion of the extension is, however, exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 and Policy 5.9, as the fair market value of the Warrants held by the director do not exceed twenty-five percent of the Corporation's market capitalization at the relevant time.
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.
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