NEWS -- EEStor arranges additional $50,000 private placement
2020-10-21 01:04 ET - News Release
Mr. Ian Clifford reports
EESTOR CORPORATION ANNOUNCES ADDITIONAL PRIVATE PLACEMENT
As a result of market interest received for its current private placement of 3.5-cent units, EEStor Corp. will conduct an additional offering of up to one million units by way of a non-brokered private placement at a price of five cents per unit for gross proceeds of up to $50,000. Each unit will consist of one common share of the corporation and one share purchase warrant entitling the holder to acquire an additional common share at a price of 5.5 cents for a period of 24 months.
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.
The corporation may pay finders' fees to eligible parties who have introduced subscribers to the offering. All securities to be issued by the corporation in connection with the offering will be subject to a four-month-and-one-day statutory hold period in accordance with the policies of the TSX Venture Exchange. Completion of the offering remains subject to approval of the TSX Venture Exchange, and cannot be completed until such approval has been obtained. Completion of the offering is not contingent on completion of any transaction with GreenNH3.
About EEStor Corp.
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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