NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta , Sept. 29, 2017 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSXV:EGT) (OTCQB:EGTYF) is pleased to announce that it has closed its previously announced brokered private placement (“Offering”) of units of the Company (the “Units”) for aggregate gross proceeds of $3 million. The Offering was led by Mackie Research Capital Corporation and BayFront Capital Partners, Ltd. (the "Agents") and included the exercise of the Agents' option.
Pursuant to the Offering, the Corporation issued an aggregate of 15,000,000 Units. Each Unit consisted of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). The Warrants will be exercisable for a period of 24 months from the date of issuance at an exercise price of $0.25.
“Our increased working capital will be utilized to immediately fulfill backordered AC Batteries in Hawaii, driving near term revenue and recurring orders for the North American market” commented Justin Holland, CEO of Eguana. “With approximately 70% employee participation in the issue, and along with the continued support of Doughty Hanson & Co, the Company is also well positioned to execute the upcoming European product roll out in the first calendar quarter.”
As consideration for acting as Agents in connection with the Offering, the Agents were paid a cash commission of $194,025 and were granted an aggregate of 1,067,136 non-transferrable compensation options entitling the Agents to purchase up to 1,067,136 units of the Corporation with the same terms as the Units at a price of $0.20 per unit for a period of 24 months from the date of closing.
The securities issued under the Offering are subject to a four month and one day hold period and the Offering remains subject to final approval of the TSX Venture Exchange.
About Eguana Technologies Inc.
Eguana designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years of experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
To learn more, visit www.eguanatech.com or follow us on Twitter @EguanaTech
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning assigned by National Instrument 51-102 – Continuous Disclosure Obligations and other relevant securities legislation. In particular, we include: statements pertaining to the amount raised under the Offering, use of proceeds and the closing of the Offering including the Company's ability to obtain necessary approvals from the TSX Venture Exchange.
Forward-looking statements are not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the "Risk Factors" section of the Company's most recent audited financial statements which may be found on its website or at sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking statements contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Eguana Technologies Inc.
Justin Holland
CEO
+1.416.728.7635
Justin.Holland@EguanaTech.com