TORONTO, June 12, 2019 (GLOBE NEWSWIRE) -- EEStor Corporation (“EEStor” or the "Company") (TSX VENTURE:ESU) announced today that, further to the Company’s press release of June 5, 2019, the Company has received TSX Venture Exchange (the “Exchange”) acceptance for the extension of the expiry date of 16,501,667 outstanding common share purchase warrants from June 16, 2019 to June 16, 2020.
The Company also announced that it has determined to extend the expiry date of 2,978,333 additional share purchase warrants originally issued by the Company on July 11, 2016 (the “July 2016 Warrants”) to the expiry date of July 11, 2020, for which Exchange approval has also been received. Each July 2016 Warrant entitles the holder to purchase one common share of the Company at a price of $0.30 per share.
One director of the Company owns 12% of the outstanding July 2016 Warrants. This director recused their self from all discussions, deliberations and approvals concerning the extension of the July 2016 Warrants. As a result of the director’s ownership of the July 2016 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.
About EEStor Corporation
EEStor is a developer of high energy density solid-state capacitor technology utilizing the Corporation’s patented Composition Modified Barium Titanate (CMBT) material. The Corporation is focused on joint venture and licensing opportunities for its technology across a broad spectrum of industries and applications.
For additional information please contact:
Ian Clifford
Chief Executive Officer
EEStor Corporation
Tel. 416-535-8395 ext. 3
ian.clifford@eestorcorp.com
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.