Company sells 10 million units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Dec. 15 – Eguana Technologies Inc. said it has arranged a C$3 million private placement of units. BayFront Capital Partners Ltd and AllGroup Financial Services Inc. are the agents.
The company will sell 10 million units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant is exercisable at C$0.39 for five years. The strike price is an 8.33% premium to C$0.36, the Dec. 12 closing share price.
Settlement is expected Dec. 22.
Proceeds will be used to launch a North American version of the company’s Bi-Direx power control system for the U.S. residential solar energy storage market, for the development and launch of a mid-range power control system for the U.S. commercial demand response market, to increase engineering capacity and optimize supply chain management to increase production volumes in Europe.
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.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$3 million
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| Units: | 10 million
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| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.39
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| Agents: | BayFront Capital Partners Ltd and AllGroup Financial Services Inc.
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 22
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| Stock symbol: | TSX Venture: EGT
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| Stock price: | C$0.36 at close Dec. 12
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| Market capitalization: | C$11.21 million
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