CALGARY, ALBERTA--(Marketwired - Dec. 19, 2013) - Eguana Technologies Inc. (TSX VENTURE:EGT) ("Eguana" or the "Company"), a leading supplier of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, confirms that it has completed its previously announced (see News Release dated December 5, 2013) private placement of LP Units and Common Shares for gross proceeds of $1,750,500.
The Company's subsidiary, EGT Markets Limited Partnership ("Partnership"), has issued 1,200.5 $1,000 limited partnership units ("LP Units"), which are exchangeable for a total of 2,667,778 common shares of Eguana after December 31, 2013, at an exchange ratio of $0.45 per share. The Company has issued 1,375,000 Common Shares at a price of $0.40 per share.
The Company paid finders' fees totaling $105,385, and issued a total of 241,967 broker warrants, exercisable for a period of one year from the date of closing, at an exercise price of $0.45 per share.
The net proceeds of the issue will be used to increase Eguana's engineering support capacity; to secure additional production equipment for a manufacturing facility in Bavaria (See News Release dated October 24, 2013); and to increase working capital reserves.
The securities issued under the private placement are subject to four month hold periods, which expire on April 4, April 10, April 11 and April 20, 2014.
About EGUANA TECHNOLGIES INC.
Headquartered in Calgary, Alberta, Canada, Eguana designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity, and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the intended use of proceeds from the private placement, and the features of our energy storage power conversion platform and its value for non-utility scale energy storage systems and developers of those systems.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at sedar.com. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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.