TORONTO, July 12, 2019 (GLOBE NEWSWIRE) -- EEStor Corporation (the "Company") (TSXV:ESU) announces that it will conduct a final tranche of its previously announced non-brokered private placement through the offering of up to 3,500,000 units (each, a "Unit"), at a price of $0.05 per Unit, for gross proceeds of up to $175,000. Each "Unit" consists of one common share and one common share purchase warrant entitling the holder to acquire an additional common share at a price of $0.10 for a period of sixty months.
Assuming completion of this final tranche in full, when combined with the earlier tranches of the placement, the Company will have received gross proceeds totaling $750,000. The net proceeds from the placement will be used to advance ongoing joint venture efforts, to independently test and certify the Company's latest materials, and for general corporate purposes.
Ian Clifford, Founder and CEO commented: "We are pleased to be reaching the conclusion of this 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 remain hopeful that, in the near future, we will secure strategic joint venture relationships with one or more global entities specializing in our space. Our team in Austin is focussed entirely on that outcome. Additionally, we plan to independently test and certify a selection of our latest materials, which have produced some very meaningful results internally. Finally, we also plan to focus intensely on getting our story out to new audiences and stakeholders in the coming months."
In connection with completion of the final tranche of the placement, the Company may pay finders' fees to eligible third-parties who have introduced subscribers to the placement. All securities issued in connection with the placement are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the final tranche of the placement remains subject to the approval of the TSX Venture Exchange.
About EEStor Corporation
EEStor Corporation is a developer of high energy density solid-state capacitor technology utilizing the Corporation'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.
Neither the 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.
All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the "About EEStor" paragraph which essentially describes the Corporation's outlook and objectives, 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. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. 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 FURTHER INFORMATION, PLEASE CONTACT:
Mr. Ian Clifford
Chief Executive Officer
416 535-8395 ext.3
Source: EEStor Corporation