|By Marketwired .||
|June 17, 2014 07:09 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/17/14 -- Eguana Technologies Inc. (TSX VENTURE: EGT) ("Eguana" or the Company"), a leading supplier of high performance power management for edge of grid energy storage applications announces that it has completed a non-brokered private placement ("Private Placement") of 2,187,500 units of the Company ("Units") comprised of one (1) common share in the capital of the Company ("Common Share") and one half (1/2) of one Common Share purchase warrant ("Warrant") at a price of $0.40 per Unit for gross proceeds of $875,000. Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.60 per share for 18 months from the closing date. This closing is in addition to a previously announced closing of Units for gross proceeds of $972,750. The Company has raised total gross proceeds of $1,847,750 pursuant to the Private Placement. All securities issued pursuant to the Private Placement are subject to a four month hold period from the date of issuance.
Eguana has paid finders' fees to eligible persons in accordance with applicable securities laws in connection with this closing of the Private Placement consisting of $1,400 in cash and 3,500 broker warrants ("Broker Warrants"). Each Broker Warrant is exercisable to acquire one Unit at an exercise price of $0.40 per Unit for 18 months from the date of issuance.
The net proceeds (after legal and transaction costs) will be used to expand Eguana's engineering and operational capacity needed: (i) to execute on the announced agreement with Sonnenbatterie Gmbh (See News Release dated April 22, 2014); (ii) to accommodate anticipated demand for integrated power electronics solutions from battery manufacturers in Japan and the United States, as well as developers of micro-grid power systems in the Middle East and North Africa; and (iii) to continue to execute on Eguana's strategy to make Eguana the technology leader for emerging battery technologies. The Company will also use the proceeds for working capital purposes.
The Company also announces that it has reached agreement with certain creditors to issue up to 412,500 Units on the same terms as the Private Placement in payment of arm's length legacy payables totaling approximately $165,000, subject to approval of the TSX Venture Exchange. The Units issued in settlement of the payables will be subject to a four month hold period from the date of issuance.
About EGUANA TECHNOLGIES INC.:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
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 closing of the Private Placement and issuance of Units for debt including 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.
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