Zinc8 Energy Solutions announces $3M private placement
by CM staff
The proceeds of the private placement will be used for working capital expenditures including operating expenses, research, and development, pursuing advancement of the company's business plan, salaries and wages, investor relations and marketing fees, and professional fees.
Zinc8 Energy Storage System (ESS) (CNW Group/Zinc8 Energy Solutions Inc.)
VANCOUVER — Zinc8 Energy Solutions Inc., announced the offering of up to 15 million units at a price of $0.20 per unit as a non-brokered private placement to raise gross proceeds of up to $3 million.
The proceeds of the private placement will be used for working capital expenditures including operating expenses, research, and development, pursuing advancement of the company’s business plan, salaries and wages, investor relations and marketing fees, and professional fees.
Each unit is comprised of one common share in the capital of the company and one non-transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of $0.30 in the first year from the date of issuance and at a price of $0.40 for the balance of the term.
Finder’s fees will be paid in connection with the private placement and certain insiders of the company intend to participate in the private placement. The proposed participation by insiders in the private placement is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.
