Non-brokered offering sells 20 million units with three-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 14 – EEStor Corp. said it has arranged a C$3 million non-brokered private placement of units. It said it has received expressions of interest from investors for C$1,175,000 of the units.
The company will sell 20 million units of one common share and one warrant at C$0.15 per unit.
Each three-year warrant will be exercisable at C$0.30, a 100% premium to the Dec. 11 closing share price of C$0.15.
The company also announced that it plans to issue C$647,000 of 6% three-year unsecured notes to Garry Fairhurst, Martin Frenette, Brian Kirk, Mark Rider and Robert Tocchio. The investors will also receive 4,313,333 warrants as a bonus, with each three-year warrant exercisable at C$0.15, which is identical to the Dec. 11 closing share price.
The Toronto company develops electrical energy storage and related capacitor technologies.
| Issuer: | EEStor Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$3 million
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| Units: | 20 million
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| Price: | C$0.15
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.30
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| Agent: | Non-brokered
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| Pricing date: | Dec. 14
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| Stock symbol: | TSX Venture: ESU
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| Stock price: | C$0.15 at close Dec. 11
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| Market capitalization: | C$8.42 million
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