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TORONTO, May 29, 2019 (GLOBE NEWSWIRE) -- EEStor Corporation (“EEStor” or the "Company") (TSX VENTURE:ESU) announced today that it has completed the first tranche of its previously announced non-brokered private placement raising gross proceeds of C$325,000 from the sale of 6,500,000 units. Each unit was priced at C$0.05 and consisted of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share at a price of C$0.10 for a period of 60 months from the closing date of the offering. All securities issued pursuant to the private placement are subject to a 4-month hold period in Canada expiring September 29, 2019.
Net proceeds from the private placement will be used to advance joint venture efforts and to independently test and certify the Companies latest materials and for working capital and general corporate purposes.
Ian Clifford, Founder and CEO commented: “We are pleased to close the first tranche of this focussed financing. Our key objective for the proceeds will be to further, and ultimately conclude, a number of highly strategic joint venture discussions currently underway on several continents. We are hopeful that, in the near future, we will secure strategic joint venture relationships with one or more global entities specializing in our space. Additionally, we plan to independently test and certify a selection of our latest materials, which have produced some very meaningful results internally.”
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.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to, those relating to the closing and expected timing of the Financing, the subscription and amounts to be subscribed for by the investors contemplated by the Financing, and generally, the above “About EEStor” paragraph which essentially describes the Corporation’s outlook, constitute ”forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's endeavours to secure joint ventures and licensing of the Corporation’s technology and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the “Risk Factors” section of the Corporation’s public filings. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
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.