TORONTO, Dec. 07, 2018 (GLOBE NEWSWIRE) -- EEStor Corporation (“EEStor” or the "Company") (TSX VENTURE:ESU) announced today that it has applied to the TSX Venture Exchange for acceptance to extend the expiry date of 10,559,938 outstanding common share purchase warrants for a period of 9 months to August 24, 2019. Each warrant currently entitles the holder to purchase one common share of the Company at a price of $0.30 per share until December 24, 2018. The extension of the warrants is subject to the approval of the TSX Venture Exchange.
A director of the Company owns 22.1% of the outstanding warrants proposed to be extended who recused himself from all discussions, deliberations and approvals in connection with the extension of the warrants. As a result of the director’s ownership of warrants, that portion of the warrant extension is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”) and TSX Venture Exchange policy 5.9 (“Policy 5.9”). The related party portion of the warrant 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 insider did not exceed 25% of the Company’s market capitalization at the relevant time. The extension of the warrants will be effective upon TSX Venture Exchange approval, which is expected prior to the 21st day from the date of this press release.
About EEStor Corporation
EEStor is a developer of high energy density solid-state capacitor technology utilizing the Company’s patented Composition Modified Barium Titanate (CMBT) material. The Company is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the licensing of the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s public filings.
For additional information please contact:
Chief Executive Officer
Tel. 416-535-8395 ext. 3
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.