EEStor Corporation Announces Further Increase of Private Placement and Provides Update on Transaction with GreenNH3 and Annual General Meeting

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) — EEStor Corporation (TSX.V: ESU) (“EEStor” or the “Corporation”) announces that as a result of continued market interest, it will further increase the size of its $0.05 unit offering (the “Offering”). The Offering will now consist of up to 3,350,000 units (each, a “Unit”) which will be issued by way of non-brokered private placement at a price of $0.05 per Unit for gross proceeds of up to $167,500. Each “Unit” will consist of one common share of the Corporation, and one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.05 for a period of twenty-four months.
The Corporation may pay finders’ fees to eligible parties who have introduced subscribers to the Offering. All securities to be issued by the Corporation in connection with the Offering will be subject to a four-month-and-one-day statutory hold period in accordance with the policies of the TSX Venture Exchange.   Completion of the Offering remains subject to approval of the TSX Venture Exchange and cannot be completed until such approval has been obtained.  Proposed Acquisition of GreenNH3As previously disclosed, the Corporation has entered into a letter of intent pursuant to which it proposes to acquire (the “Proposed Transaction”) all of the outstanding share capital of GreenNH3 Inc. (“GreenNH3”). GreenNH3 is a private company involved in research, development and commercialization of zero-emission NH3 fuel generated from its patented and scalable process.The Corporation continues to work with GreenNH3 to complete the due diligence necessary to advance the Proposed Transaction. Completion of the Proposed Transaction remains subject to final negotiation of definitive documentation, the receipt of board approvals on the part of the Corporation and GreenNH3, and approval of the TSX Venture Exchange.For further information regarding the Proposed Transaction, readers are encouraged to review the Corporation’s news release of August 6, 2020. Completion of the Offering is not contingent on completion of the Proposed Transaction.Shareholder MeetingThe Corporation also announces that it will convene an annual general and special meeting of the shareholders of the Corporation on January 19, 2021. Further information concerning the format of the meeting, and the matters to be presented to shareholders, will be made available in the management information circular being prepared by the Corporation. A copy of the circular will be mailed to shareholders and will also be available under the profile for the Corporation on SEDAR (www.sedar.com).About EEStorEEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material. EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications.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.All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About EEStor” paragraph which essentially describes the Corporation’s outlook and objectives, constitute forward-looking information or forward-looking statements within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.FOR FURTHER INFORMATION, PLEASE CONTACT:

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