Zinc8 Energy Solutions Announces Upsizing & Pricing of Oversubscribed Private Placement of Common Shares

Zinc8 Energy Solutions Announces Upsizing & Pricing of Oversubscribed Private Placement of Common Shares

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
VANCOUVER, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) — Zinc8 Energy Solutions Inc. (“Zinc8” or the “Company”) (CSE: ZAIR) is pleased to announce that further to its news release of February 3, 2021, the Company has agreed to increase the size of its marketed private placement offering (the “Offering”) to total gross proceeds of up to $13,500,000 due to increased demand.
The Offering has been priced at $0.54 per share. The Offering is being conducted on a “best efforts” basis and is being led by Raymond James Ltd. and Haywood Securities Inc. as co-lead agents and co-book runners (the “Lead Agents”), on behalf of a syndicate of agents which includes Stifel Nicolaus Canada Inc. and Gravitas Securities Inc. ‎(together with the Lead Agents, the “Agents”). ‎The Company has agreed to grant the Agents an option, exercisable in whole or in part at the sole discretion of the Agents at any time prior to the closing of the Offering, to increase the size of the Offering by up to $2,025,000. If the Agents’ option is exercised in full, the total gross proceeds to the Company will be approximately $15,525,000.The closing of the Offering is anticipated to occur on February 24, 2021 or such other date as the Company and the Agents may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the execution of an ‎agency agreement and the receipt of all necessary regulatory approvals, including the approval of the securities ‎regulatory authorities and the Canadian Securities Exchange‎ (the “CSE”).The net proceeds from the Offering will be used for further research and development and commercialization of the Company’s patented zinc-air battery system, business development, marketing, capital investments and general working capital requirements.Shares issued in the Offering will be subject to a 4 month and one day hold period pursuant to applicable Canadian securities laws.The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.About Zinc8 Energy Solutions Inc.Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power. To learn more about Zinc8’s technology, please visit: www.zinc8energy.com
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