Non-brokered offering sells 20 million units with three-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 24 – EEStor Corp. said it raised C$1.58 million in the first tranche of a C$3 million non-brokered private placement of units. The deal priced on Dec. 14.
The company is selling 20 million units of one common share and one warrant at C$0.15 per unit. It sold 10,559,938 units in the initial tranche.
Each three-year warrant is exercisable at C$0.30, a 100% premium to the Dec. 11 closing share price of C$0.15.
“We are pleased with the response to our financing to date, given the timeframe and challenges of the holiday season,” chief executive officer and founder Ian Clifford said in a press release. “These funds will allow us to pursue our joint venture discussions and to commence our planned advanced polymer program related to high energy density applications of our technology. We intend to complete a further tranche of financing in January 2016.”
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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Settlement date: | Dec. 24 (for C$1,583,991)
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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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