|By Marketwired .||
|May 28, 2014 05:55 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/28/14 -- Eguana Technologies Inc (TSX VENTURE: EGT), ("Eguana" or "the Company") announces that it has closed the first tranche of its previously announced non-brokered private placement of units (the "Private Placement"). Eguana has issued 2,431,875 units of the Company ("Units") at a price of $0.40 per Unit for gross proceeds of $972,750. Each Unit consists of one common share in the capital of the Company ("Common Share") and one-half of one share purchase warrant of the Company ("Warrant"), with each whole Warrant entitling the holder to purchase one Common Share at a price of $0.60 per share for 18 months from the closing date of the Private Placement. The terms of the Warrants have been amended as they are no longer subject to early termination when the 10 day VWAP closing price exceeds $0.80 per share. All securities issued pursuant to the Private Placement are subject to a four month hold period ending on September 29, 2014.
In connection with the Private Placement, the Company paid finder's fees to eligible persons in accordance with applicable securities laws consisting of $54,264 in cash and 135,660 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 of the Private Placement 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 US, as well as developers of micro-grid power systems in the Middle East and North Africa; and (iii) to continue to execute on our strategy to make Eguana the technology leader for emerging battery technologies; as well as for working capital purposes.
Eguana intends to use its best efforts to complete additional closings in order to raise the maximum $2.0 million contemplated under the Private Placement.
About EGUANA TECHNOLOGIES, 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.
Forward Looking Information
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 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.
Eguana Technologies Inc.
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