EEStor Corporation Closes First Tranche of Private Placement

TORONTO, ONTARIO--(Marketwired - Dec. 24, 2015) -

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EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company") announced today that, further to the Company's press release dated December 14, 2015, it has completed a first tranche of its non-brokered private placement raising approximately Cdn$1.584 million from the sale of 10,559,938 units. Each unit was priced at $0.15 and consisted of one common share and one common share purchase warrant. Each share purchase warrant entitles the holder to acquire one additional common share at a price of Cdn$0.30 for a period of 36 months from the closing date of the offering. All securities issued pursuant to the private placement are subject to a 4-month hold period in Canada expiring April 25, 2016 and may be subject to further hold periods in other jurisdictions where they were sold.

Subject to regulatory approval, EEStor will pay cash finder's fees of Cdn.$17,220 and issue 114,800 finder's warrants having the same terms as the warrants issued to subscribers under the offering. Net proceeds from the private placement will be used to improve the Company's balance sheet and for working capital and general corporate purposes.

Ian Clifford, CEO and Founder of EEStor, stated "We are pleased with the response to our financing to date, given the timeframe and challenges of the holiday season. These funds will allow us to pursue our joint venture discussions and to commence our planned advanced polymer program related to high energy density applications of our technology. We intend to complete a further tranche of financing in January 2016.

About EEStor Corporation

The Company's mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to capacitors.

The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor Inc. aligned the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.

The Company's success depends on the commercialization of the technology developed by EEStor Inc and there is no assurance that it will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company's AIF.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.