/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/
WELLAND, ON, Sept. 18, 2014 /CNW/ - Enerdynamic Hybrid Technologies Corp. (TSX-V: EHT)("EHT" or the "Company") announces that it proposes to raise maximum up to $15,000,000 of gross proceeds from the sale of common shares at a price of $1.00 each (the "Offering"), on a brokered private placement basis.
Proceeds from the private placement will be used to acquire the rights to certain solar energy projects now under negotiation (the "Solar Projects") and for working capital purposes. If the Company fails to complete the acquisition of any of the Solar Projects, the net proceeds allocated for that purpose will be used for working capital purposes.
EHT has engaged Kingsdale Capital Markets Inc.(the "Agent") to act as agent for the private placement on a commercially reasonable efforts basis. The Agent will receive (a) a cash commission equal to 7.5% of the gross proceeds of the Offering, (b) agent warrants (the "Agent Warrants") equal to 10% of the common shares issued in the private placement, and (c) reimbursement of the expenses of the Agent. Each Agent Warrant is exercisable for one common share during the 24 months following the first closing at an exercise price of $1.00.
The private placement is expected to be completed in one or more closings, with the first to occur on or about September 22, 2014 and the last to occur no later than September 30, 2014. The private placement is subject to approval of the TSX Venture Exchange.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements which include the timing of closing the offering, the anticipated use of proceeds and the receipt of the required approvals. The forward-looking statements are based on certain expectations and assumptions made by EHT. Although EHT believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because EHT can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, the closing of the offering could be delayed if EHT is not able to obtain necessary approvals when planned and the offering will not be completed at all if approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all. The intended use of the net proceeds of the offering by EHT might change if EHT determines that it would be in the best interests of EHT to use the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof. EHT disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
About EnerDynamic Hybrid Technologies (EHT)
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. Our energy products and solutions can be implemented immediately wherever they are needed. EHT stands above its competitors by combining a full suite of solar PV, wind and battery storage solutions, which can deliver energy 24 hours per day in both small-scale and large-scale format. Through our 90,000 square foot facility in Ontario, Canada and our growing international foot-print we are able to manufacture, distribute and install world leading energy solutions across the globe. EHT excels where no electrical grid exists in addition to traditional support to established electrical networks which is the new era in the renewable industry.
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.
SOURCE: Enerdynamic Hybrid Technologies Corp.
For further information: David Prue, Corporate Communications, 905-401-8303, email@example.com; Wanda Cutler, Media/Investor Relations, 416-303-6460, firstname.lastname@example.org; Company Website: www.ehthybrid.com