|By Marketwired .||
|September 17, 2013 07:46 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 09/17/13 -- Sustainable Energy Technologies Ltd. (formerly TSX-V "STG" and now operating under the name Eguana Technologies Inc.) ("Eguana") (TSX VENTURE:EGT), a manufacturer of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, confirms that it has completed its previously announced (News Release: August 8, 2013) private placement of Royalty Debenture Units (the "Offering").
On completion of the Offering, Royalty Debenture Units totaling $1.8 million will have been issued at an origination discount of 12.5% to realize gross proceeds $1,592,500 (an increase of $35,000 from the August 8, 2013 closing of the Offering) which, after payment of costs of the issue, will be used to reduce short term debt, and to provide working capital to execute on the company's strategy.
Subject to final approval of the TSX Venture Exchange, a total of 32,000 additional common share purchase warrants ("Warrants") exercisable at a price of $0.50 per share for a period of 4 years will be issued, bringing the total securities issued through the Offering to 424,000 Common Shares and 608,000 Warrants.
In connection with the Offering, the company paid a total of $4,375 cash commissions and issued a total of 8,750 broker warrants entitling the holder to acquire one Common Share at a price of $0.50 per share for a period of one year from the date of issue.
The Debentures, Warrants and Common Shares issuable upon exercise of the Warrants from the final closing of the Offering are all subject to a 4 month hold period which expires on January 18, 2014.
About EGUANA TECHNOLGIES INC.
Headquartered in Calgary, Alberta, Canada, Eguana 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.
Sustainable Energy Technologies Ltd. announced that effective September 4, 2013 it would operate under the name Eguana Technologies Inc. The legal name of the company has not changed, but the company will operate as Eguana Technologies Inc. pending approval of the official name change by its shareholders, which will be sought at the company's Annual General Meeting to be held on October 29, 2013. Effective Monday, September 9, 2013, the common shares of Sustainable Energy Technologies Ltd. ceased trading under "STG" and began trading under the new ticker symbol "EGT" on the TSX Venture Exchange.
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 concerning the features of our energy storage power conversion platform and its value for non-utility scale energy storage systems and developers of those systems, and statements concerning the size of the market for power electronics for residential and commercial non-utility scale energy storage systems.
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 current Annual Information Form 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.