CALGARY, ALBERTA--(Marketwired - June 30, 2016) -
NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES
Eguana Technologies Inc. (TSX VENTURE:EGT) ("Eguana" or the "Corporation") is pleased to announce that it has closed an offering of 27,272,728 common shares in the capital of the corporation (the "Common Shares") for aggregate gross proceeds of $6,000,000 (the "Offering"). The Common Shares were issued pursuant to a short form prospectus dated June 27, 2016 (the "Prospectus").
Pursuant to the terms of an agency agreement between the Corporation and Mackie Research Capital Corporation (the "Agent") dated June 27, 2016, the Agent received compensation options equal to seven and one-half percent of the total number of Common Shares sold in the Offering (the "Compensation Options"). Each Compensation Option may be exercised by the holder thereof for one additional Common Share at an exercise price of $0.22 per share until June 30, 2018. In addition, the Agent received a cash commission equal to seven and one-half percent of the gross proceeds raised in the Offering. BayFront Capital Partners Ltd. acted as a selling group member in connection with the Offering.
Net proceeds of the Offering will be used to provide greater supply chain and production flexibility, expand product development capabilities and improve the Corporation's balance sheet along with general corporate purposes as more fully described in the Prospectus.
This press release does not constitute an offer of securities for sale in the United States or to "U.S. persons" ("U.S. persons"), as such term is defined in Regulation S promulgated under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.
About Eguana Technologies Inc.
Eguana designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years' 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 the leading supplier 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.
Forward Looking Information
This press release contains certain statements or disclosures relating to the Corporation that are based on the expectations of the Corporation as well as assumptions made by and information currently available to the Corporation which may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Corporation anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. Specifically, this press release contains forward-looking statements relating to the use of proceeds from the Offering and the Compensation Options. The forward-looking statements contained in this press release speak only as of the date of this press release and are expressly qualified by this cautionary statement. The forward-looking statements are based on certain key assumptions regarding, among other things, the use of proceeds of the Offering. Furthermore, the forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Such factors include, but are not limited to general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations and changes in how they are interpreted and enforced, increased competition and volatility of commodity prices. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on the forward-looking statements. Eguana's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Neither the 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.