Non-brokered offering sold 17,001,667 units with three-year warrants
By Devika Patel
Knoxville, Tenn., June 16 – EEStor Corp. said it completed a C$2.55 million non-brokered private placement of units.
The company sold 17,001,667 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 25% premium to the June 15 closing share price of C$0.24.
Proceeds will be used to advance licensing discussions, further the company's polymer program, reduce debt and for general working capital purposes.
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$2,550,250
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Units: | 17,001,667
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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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Settlement date: | June 16
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Stock symbol: | TSX Venture: ESU
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Stock price: | C$0.24 at close June 15
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Market capitalization: | C$15.56 million
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