Anxious to find new ways to finance its operations, Toronto-based EEStor Corporation (TSX-Venture:ESU) announced Tuesday that it intends to pursue a non-brokered private placement of units to raise gross proceeds of up to $750,000.
The company, a developer of high energy density solid-state capacitor technology utilizing the Corporation’s patented Composition Modified Barium Titanate material, announced that units will be offered for five cents each.
Each unit is comprised of one common share of the Corporation and one common share purchase warrant, entitling its holder to acquire one additional common share for 10 cents for five years following the closing of the financing.
The financing is subject to customary closing conditions, including approval of the TSX Venture Exchange.
Share prices in ESU took on half a cent, or 11.1%, to five cents, late Tuesday morning on volume of 3.5 million shares.