Trion Battery Technologies and Reocito Capital announce planned business combination
by CM Staff
Trion Battery is an emerging manufacturer of silicon solutions and commercial battery production.
TORONTO — Trion Battery Technologies Inc. and Reocito Capital Inc. announce that they have entered into a binding letter agreement dated January 9, 2024, pursuant to which Reocito will acquire all of the issued and outstanding equity securities of Trion Battery. The arm’s length Transaction is expected to constitute a reverse takeover of Reocito that would facilitate the completion of a go-public transaction for the resulting entity. The final structure and terms of the Transaction have not yet been finalized and further details will be announced at a later date upon Reocito and Trion Battery entering into a definitive agreement regarding the Transaction.
“Trion Battery is very pleased to announce that we’ve entered into a binding Letter Agreement with Reocito. This pathway will provide us with greater access to capital through the public markets, which is required to meet growing demand for our products (both batteries and silicon) and realize our full growth potential. We’re also very pleased to be working with the principals of Reocito to implement the Letter Agreement, who each bring strong track-records and outstanding experience to our execution team.” said Timothy Mayne, CEO of Trion Battery.
Trion Battery is a private company existing under the Business Corporations Act (British Columbia) and its head office is located at Suite 280, 1414 8th Street SW, Calgary AB, T2R 1J6.
Trion Battery is an emerging manufacturer of silicon solutions and commercial battery production. Trion Battery is a battery materials company with large-scale battery production capabilities as well as next-generation proprietary battery technology.
Reocito currently has 87,833,333 class “A” shares issued and outstanding, which will be substantially reduced in accordance with the Consolidation (as defined below), and no other securities issued and outstanding.
Prior to the closing of the Transaction, Reocito may complete a private placement to raise aggregate gross proceeds of up to $100,000.
