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TORONTO, Aug. 21, 2018 (GLOBE NEWSWIRE) -- EEStor Corporation (“EEStor” or the "Company") (TSX VENTURE:ESU) announced today that it has completed the first tranche of its previously announced non-brokered private placement raising gross proceeds of C$517,480 from the sale of 3,044,000 units. Each unit was priced at C$0.17 and consisted of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share at a price of C$0.34 for a period of 60 months from the closing date of the offering. All securities issued pursuant to the private placement are subject to a 4-month hold period in Canada expiring December 22, 2018.
Subject to regulatory approval, EEStor will pay cash finder’s fees of C$18,298.80 and issue 107,640 finder’s warrants having the same terms as the warrants issued to subscribers under the offering. Net proceeds from the private placement will be used to advance licensing efforts and for working capital and general corporate purposes.
About EEStor Corporation
EEStor is a developer of high energy density solid-state capacitor technology utilizing the Company’s patented Composition Modified Barium Titanate (CMBT) material. The Company is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the licensing of the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s public filings.
For additional information please contact:
Ian Clifford
Chief Executive Officer
EEStor Corporation
Tel. 416-535-8395 ext. 3
ian.clifford@eestorcorp.com
Mark Olson
Senior Vice President
Sparkpr
Tel. 512-507-1993
mark.olson@sparkpr.com
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.