Energy Plug Announces Private Placement, and Team Changes
Summary
The Warrant is subject to acceleration clause whereby in the event that at any time after four months following the Closing Date, the common shares of the Company have traded for twenty (20) consecutive trading days at a closing price of at least $0.15 per share on the Canadian Securities Exchange (the "CSE"), the Company may accelerate the expiry date of the Warrants to the date that is not less than twenty-one (21) days following the date upon which the notice of the accelerated expiry date is provided by the Company to the warrant holders by way of news release.The Company intends to use the net proceeds raised from the Private Placement for research and development, product certification, repayment of trade payables, and general working capital.The Company may pay finders fees up to 8% cash and 8% brokers warrants exercisable at $0.10 for a period of one year to eligible finders in connection with the Private Placement, subject to compliance with applicable securities laws and policies of the CSE.All securities issued pursuant to the Private Placement will be subject to a statutory four month plus one day hold period. Based in British Columbia, we seek to leverage strategic partnerships with Indigenous communities, and the development of a vertically integrated supply chain involving industry-leading companies in Taiwan to provide advanced solutions to our customers and partners. The forward-looking information in this news release includes but is not limited to the statements about the Companys intention to complete the Private Placement and the intended use of funds.The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors, including, but not limited to the ability to complete the Private Placement.The material assumptions used to develop forward-looking information include but are not limited to general business and economic conditions, financial markets conditions and the Companys ability to find qualified investors.Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investment in the securities of the Company is risky.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232122