EEStor completes $3.62M private placement

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By CPE News

Toronto (pcJ News Briefs) – EEStor Corporation (TSX-V: ESU) has completed its previously announced non-brokered private placement raising gross proceeds of $3,620,000 from the sale of 7,240,000 units at $0.50 per unit.

Each unit consists of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price of $1.00 for a period of 24 months following the closing of the financing.

No finder’s fees are payable in connection with the private placement.

Net proceeds will be used to accelerate the company’s product and business development efforts and for working capital and general corporate purposes.

EEStor Corporation 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.

photo credit: EEStor