Nesscap Energy Inc.
TSX VENTURE : NCE

Nesscap Energy Inc.

June 27, 2016 07:00 ET

Nesscap Energy Inc. Announces Completion of Oversubscribed Rights Offering and Extension of Maturity Date of Debentures

SEOUL, SOUTH KOREA and TORONTO, ONTARIO--(Marketwired - June 27, 2016) - Nesscap Energy Inc. (Nesscap or the Corporation) (TSX VENTURE:NCE) today announced the completion of its previously announced rights offering. The rights offering was oversubscribed and raised CAD 2,873,333 in gross proceeds. Net proceeds of the rights offering will be used by Nesscap for (i) capital expenditures for additional equipment and tooling; (ii) completion of the renovation of its newly expanded facility in Korea; (iii) program spending related to the development of new products; and (iv) general corporate purposes.

The Corporation issued an aggregate of 287,333,271 common shares at CAD 0.01 per common share representing 156,055,223 shares pursuant to the basic subscription rights and 131,278,048 pursuant to the additional subscription privilege. Following the completion of the rights offering the Corporation has 574,666,542 issued and outstanding common shares.

The maturity date of the outstanding debentures of the Corporation held by I2BF Energy Limited (I2BF) and Arbat Capital Group Ltd. (Arbat) have also been extended to June 30, 2018 concurrently with the completion of the rights offering.

As a result of the rights offering I2BF now controls 229,000,529 common shares of Nesscap representing approximately 39.9% of the issued and outstanding common shares. If I2BF was to convert the Convertible Note1 of Nesscap held by it, the combined control of I2BF would represent a total of 241,752,529 common shares, or approximately 41.2% of the common shares then outstanding. I2BF acquired such common shares and Convertible Note for investment purposes and may increase or decrease its position in Nesscap from time to time depending on, among other factors, general market conditions.

As a result of the rights offering Arbat now controls 228,200,591 common shares of Nesscap representing approximately 39.7% of the issued and outstanding common shares. Arbat acquired such common shares for investment purposes and may increase or decrease its position in Nesscap from time to time depending on, among other factors, general market conditions.

About Nesscap

Since inception in 1999, Nesscap has become an award winning global leader in technology innovation and product development of ultracapacitors. Attributes of the ultracapacitor allow for the technology to be used in applications where power, life cycle requirements, or environmental conditions limit the suitability of batteries or capacitors. Nesscap products are available in both cells and modules and are used to enhance the performance of modern applications ranging from portable electronic devices to high performance windmills and high-tech 'green' cars. Nesscap features the widest array of standard commercial products in the market from 3 farads to 6,200 farads with industry recognized alternative organic electrolytes. Customers of the Company are active in the transportation, renewable energy, industrial, and consumer markets. Technical and sales information can be found at www.nesscap.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way approved or disapproved of the contents of this press release.

Forward-Looking Statements

Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

1 For reference purposes on June 23, 2016 the US / CAD Bank of Canada daily noon exchange rate was 1:1.2752 and this exchange rate has been used for funds conversion purposes in this press release.

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