/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION
IN CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
All monetary amounts are expressed in Canadian
Dollars, unless otherwise indicated.
CALGARY, AB, Feb. 8, 2021 /CNW/ - Eguana Technologies
Inc. (TSXV: EGT) (OTCQB: EGTYF) ("Eguana" or the
"Company") is pleased to announce that it intends to raise
up to $15,000,000 (or up to
$20,000,000 if the Agents' Option (as
defined below) is exercised in full) by way of a private placement
on a "best efforts", agency basis (the "Offering"). The
Offering is being led by Stifel GMP and Cormark Securities Inc., as
co-lead and joint bookrunners, together with Mackie Research
Capital Corporation (the "Agents"). In addition, and in
connection with the Offering, Fort Capital Securities Ltd. shall
act as a capital markets advisor to the Company.
Pursuant to the proposed Offering, the Company will issue
special warrants ("Special Warrants") of the Company at a
price of $0.40 per Special Warrant.
Each Special Warrant will be convertible into one common share of
the Company (each, a "Common Share") without payment of any
additional consideration upon certain conditions being met.
The Company has granted the Agents an over-allotment option (the
"Agents' Option"), exercisable in whole or in part, at any
time and from time to time up to 48 hours prior to the closing
date, to increase the size of the Offering by up to an additional
$5,000,000 of Special Warrants, on
the same terms and conditions as the Offering.
The Company will use its commercially reasonable efforts to
qualify the distribution of the Common Shares issuable upon
exercise of the Special Warrants by way of a prospectus
("Qualifying Prospectus") within 90 days following the
closing of the Offering (the "Qualifying Condition"). The
securities issued in connection with the Offering will be subject
to a 4–month hold period from the date of the closing of the
Offering (the "Closing Date") unless the Qualifying
Prospectus is filed and receipted within that time. If the
Qualifying Condition is not met, each Special Warrant will be
exercisable (for no additional consideration and with no further
action on the part of the holder thereof) for 1.1 Common Shares.
Upon completion of the Offering, the Company will make an
application to list the Common Shares issuable on exercise of the
Special Warrants on the TSX Venture Exchange (the
"Exchange"), subject to the Company fulfilling all of the
listing requirements of the Exchange. The Special Warrants will not
be listed on any stock exchange or over–the–counter market.
In addition to strengthening its balance sheet, the Company
plans to use net proceeds of the Offering to accelerate cost
reduction activities, to further vertically integrate its supply
chain through battery management and module development, to expand
its development and lab testing capabilities, and to strategically
position inventory for the transition from batch manufacturing to
flow manufacturing, enabling consistent product availability.
The Offering is scheduled to close in February 2021 on a date to be determined by the
Agents and is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals including the
approval of the Exchange and the securities regulatory authorities
and the execution of a definitive agency agreement with the Agents
in respect of the Offering.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended (the "1933 Act") and may not be offered or sold
to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such
term is defined in Regulation S under the 1933 Act) absent
registration or an applicable exemption from the registration
requirements of the 1933 Act any application state securities
laws.
About Eguana Technologies Inc.
Based in Calgary, Alberta
Canada, Eguana Technologies (EGT: TSX.V) (OTCQB: EGTYF)
designs and manufactures high performance residential and
commercial energy storage systems. Eguana has two decades of
experience delivering grid edge power electronics for fuel cell,
photovoltaic and battery applications, and delivers proven,
durable, high quality solutions from its high capacity
manufacturing facilities in Europe
and North America.
With thousands of its proprietary energy storage inverters
deployed in the European and North American markets, Eguana is one
of the leading suppliers of power controls for solar
self-consumption, grid services and demand charge applications at
the grid edge.
To learn more, visit www.EguanaTech.com or follow us on Twitter
@EguanaTech
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains "forward-looking statements" that are
based on expectations, estimates, projections and interpretations
as at the date of this news release. Forward-looking statements are
frequently characterized by words such as "plan", "expect",
"project", "seek", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that
certain events or conditions "may" or "will" occur, and include,
without limitation, statements regarding the timing and completion
of the Offering, the use of proceeds of the Offering, the expected
timing for obtaining a final receipt for the Qualifying Prospectus
and receipt of all requisite regulatory approvals, the ability to
raise the funds to finance its ongoing business activities and
expected financial performance and customer growth. Such forward
looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors may
include, but are not limited to, the ability to successfully
complete the Offering, the ability to obtain all requisite
regulatory approvals including the approval of the Exchange and
those of the securities regulatory authorities in respect of a
Qualifying Prospectus, the ability to apply the proceeds as
intended, the results of business operation; the ability of the
Company to acquire further customers; timing and availability of
external financing on acceptable terms, the uncertainty surrounding
the spread of COVID-19 and the impact it will have on the Company's
operations and economic activity in general and those risk
factors outlined in the Company's management discussion and
analysis as filed on SEDAR. The Company does not undertake to
update any forward-looking information except in accordance with
applicable securities laws.
SOURCE Eguana Technologies Inc.