Eguana Technologies Completes First Tranche of $1.0 Million Offering
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/11/16 -- Eguana Technologies Inc (TSX VENTURE: EGT)(OTCQB: EGTYF), "Eguana", or the "Company" a technology leader in power conversion and control systems for distributed energy storage is pleased to announce that it has closed the first tranche of its previously announced brokered private placement ("Offering") of common shares of the Company (the "Common Shares"). The Company issued a total of 8,148,402 Common Shares at a price of $0.12 per share for gross proceeds of $977,808. The Company anticipates closing the second tranche of this Offering next week.
"We continue to gain traction in the US market particularly in Hawaii where our partner E-Gear LLC has begun sales to its solar installer dealer network and is developing further grid support opportunities along with the previously announced Moloka'i grid support project. We are pleased to again see an oversubscribed offering that will provide the working capital required to meet the increasing demand in the US and keep our European development ahead of schedule" commented Justin Holland, CEO of Eguana.
Bayfront Capital Partners, Ltd. acted as Agent and financial advisor for the Company in connection with the sale of Common Shares. In connection with the Offering, Eguana paid an aggregate cash commission of $68,446.58 and issued compensation options to purchase an aggregate of 570,388 Common Shares at a price of $0.12 per share for a period of 36 months from the date of issuance.
The securities issued under the Offering are subject to a four month and one-day hold period. The Offering remains subject to final approval of the TSX Venture Exchange. This press release is also issued pursuant to the early warning report requirements of applicable securities laws of Canada which also requires a report to be filed on SEDAR containing additional information with respect to the foregoing matters. A copy of such early warning report will be available on SEDAR ().
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About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX VENTURE: EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years' experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
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Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's most recent audited Financial Statements which may be found on its website or at sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the 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.
Contacts:
Company Inquiries - Justin Holland
CEO, Eguana Technologies Inc.
+1.416.728.7635
Product Inquiries - Martin Duerr
Director, Business Development
+647.258.0343
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Datum: 11.04.2016 - 12:00 Uhr
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Alternative Energy
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