Toronto (pcJ News Briefs) – EEStor Corporation (TSX-V: ESU) intends to proceed with a non-brokered private placement of up to 6 million units at $0.50 per unit for gross proceeds of up to $3,000,000. It may increase the size by $500,000 should demand warrant.
Each unit will consist 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.
Net proceeds will be used to accelerate the company’s product and business development efforts and for working capital and general corporate purposes.
The Financing is expected to be completed in the next two week period and is subject to certain conditions including, but not limited to, the
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