EEStor Announces Increase to Private Placement
TORONTO, ONTARIO–(Marketwired – April 20, 2017) -
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EEStor Corporation (“EEStor” or the “Company“) (TSX VENTURE:ESU) announced today that, due to investor demand, it is increasing the maximum amount to be raised under its previously announced non-brokered private placement of Units to up to C$3,750,000. The Units are being offered at a price of C$0.50 per Unit with each Unit consisting of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of C$1.00 for a period of 24 months following the closing of the offering. Please see the Company’s press release of April 11, 2017 for further details regarding the offering.
About EEStor Corporation
EEStor’s mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company’s business strategy is focused on licensing opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to high voltage solid state capacitors. The most recent advancements in the Company’s technology has resulted in focusing its licensing discussions on the substantial global electrical grid storage and power factor correction markets.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. (EEStor). The acquisition of the controlling interest in EEStor aligns the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, including applications throughout the capacitor industry and not limited to high density energy storage applications.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s public filings.
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.
Chief Executive Officer
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