EEStor Receives CDN$1.98 Million from Exercise of Warrants
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/16/16 -- EEStor Corporation (TSX VENTURE: ESU) ("EEStor" or the "Company") is pleased to announce that all share purchase warrants issued in the Company's September 2014 private placement have been exercised. A total of 5,076,922 warrants have been exercised for gross proceeds to EEStor of approximately CDN$1.98 million.
Ian Clifford, CEO and Founder stated: "I would like to acknowledge the deeply important support from our long time and new shareholders. Having 100% of our warrant holders exercising is a very positive sign." Clifford continued: "As a pre-revenue company, without your support, moving our technology forwarded is impossible. I am extremely pleased with our recent progress and look forward to disclosing our advancements on a regular basis."
The Company intends to use the proceeds from the warrant exercises for technology advancement in both its standard epoxy and advanced polymer programs, licensing negotiations and for working capital and general corporate purposes.
About EEStor Corporation
The Company's mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to capacitors.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor Inc. aligned the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
The Company's success depends on the commercialization of the technology developed by EEStor Inc and there is no assurance that it will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company's public filings.
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.
Contacts:
Ian Clifford
Chief Executive Officer
EEStor Corporation
416-535-8395
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Datum: 16.11.2016 - 16:10 Uhr
Sprache: Deutsch
News-ID 507535
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