TORONTO, ONTARIO--(Marketwired - Feb. 26, 2016) -
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EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company") announced today that it has further extended the final date for completion of additional tranches of its previously announced non-brokered private placement of units to March 28, 2016. Each unit is priced at Cdn.$0.15 and consists of one common share and one common share purchase warrant, with each share purchase warrant entitling the holder to acquire one additional common share at a price of Cdn$0.30 for a period of 36 months from the closing date. To date, the Company has sold 13,635,661 units under the private placement for gross proceeds of approximately Cdn$2.045 million.
The Company also announced that it has applied to the TSX Venture Exchange for acceptance to extend the expiry date of 5,076,922 outstanding common share purchase warrants for an additional six months to September 15, 2016. Each warrant currently entitles the holder to purchase one common share of the Company at a price of $0.39 per share until March 15, 2016.
About EEStor Corporation
The Company's mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to capacitors.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor Inc. aligned the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
The Company's success depends on the commercialization of the technology developed by EEStor Inc and there is no assurance that it will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company's public filings.
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.