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CALGARY, Alberta, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSXV: EGT) (OTCQB:EGTYF) is pleased to announce that it is raising up to $1,000,000 by way of a private placement of limited partnership units (the “LP Units”) of its subsidiary, EGT Markets Limited Partnership, at a price of $1,000 per LP Unit (the “Offering”). The Company has the right to exchange each of the LP Units for common shares in the capital of the Company (each a “Common Share” and collectively, the “Common Shares”), at a price of $0.20 per Common Share, at any time prior to the close of business on March 29, 2019. The net proceeds of the Offering shall be used for general working capital to expedite the Company’s growth in global markets.
In connection with the Offering, the Company expects to (i) pay an aggregate cash commission of 5% of the gross proceeds of the Offering and (ii) issue that number of non-transferrable finders warrants equal to 5% of the total number of Common Shares issuable on exchange of the LP Units (each a “Finder’s Warrant” and collectively, the “Finder’s Warrants”). Each Finder’s Warrant will be exercisable to purchase one Common Share at an exercise price of $0.20 per Common Share for a period of 12 months from the date of issuance.
The Offering is expected to close on December 27, 2018 (the “Closing Date”).
The LP Units will be subject to an indefinite hold period and all Common Shares issued in exchange for LP Units or on exercise of the Finder’s Warrants will be subject to a hold period or four months plus one day from the Closing Date, in accordance with applicable securities legislation. The Offering remains subject to approval of the TSX Venture Exchange.
About Eguana Technologies Inc.
Based in Calgary, Alberta Canada, Eguana Technologies Inc. (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades 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
Company Inquiries
Eguana Technologies Inc.
Justin Holland
CEO
+1.416.728.7635
Justin.Holland@EguanaTech.com
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.