Funds to be used to expand Eguana's engineering, operational capacity
By Devika Patel
Knoxville, Tenn., May 28 - Eguana Technologies Inc. said it raised C$972,750 in the initial tranche of a C$2 million non-brokered private placement of units. The deal priced May 5.
The company is selling 5 million units of one common share and one half-share warrant at C$0.40 per unit. It sold 2,431,875 units in the first tranche.
Each whole warrant is exercisable at C$0.60 for 18 months. The strike price is a 46.34% premium to C$0.41, the May 2 closing share price.
Proceeds will be used to expand Eguana's engineering and operational capacity and to increase working capital reserves.
Based in in Calgary, Alta., Eguana makes intelligent low-voltage power electronics platforms for distributed smart grid and energy storage applications.
| Issuer: | Eguana Technologies Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | May 5
|
| Settlement date: | May 28 (for C$972,750)
|
| Stock symbol: | TSX Venture: EGT
|
| Stock price: | C$0.41 at close May 2
|
| Market capitalization: | C$14.01 million
|
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