TORONTO, Aug. 12, 2016 /CNW/ - Kontrol Energy Corp. (CSE:KNR) (the "Company") announces that it plans to undertake a non-brokered private placement of up to one million five hundred thousand (1,500,000) units (the "Units") to raise gross proceeds of up to $300,000 (the "Offering"). The Units will be offered at a price of $0.20, with each Unit consisting of one common share and one-half of one common share purchase warrant.
Each whole warrant will be exercisable to acquire one common share of the Company at a price of $0.30 for a period of one (1) year, subject to accelerated expiry should the common shares trade on the Canadian Securities Exchange (the "CSE") at $0.50 or higher for ten (10) consecutive trading days.
Proceeds from the Offering will be used for working capital. All securities purchased under this Offering will be subject to a four month and one day hold period. Finders' fees may be payable on a portion of the Offering, in accordance with the policies of the CSE.
Completion of the Offering is subject to the acceptance of the CSE.
On behalf of the Board,
Paul Ghezzi, CEO
About Kontrol Energy Corp.
Kontrol Energy Corp. (CSE:KNR) is in the business of acquiring and/or investing in established operating businesses and technologies in the Energy Efficiency sector. Through these acquisitions, and accelerated organic growth, Kontrol Energy Corp. intends to provide market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in Green House Gas (GHG) emissions.
Through our Energy Savings Simplified Program® customers can gain immediate financial savings and the ability to monitor and modify energy consumption and demand in real-time through cloud based IOT solutions. To learn more about Kontrol Energy Corp., please visit the Company's website at www.kontrolenergy.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, the completion of financing transactions and the provision of energy solutions to customers. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, failure to raise the full Offering amount, failure to obtain CSE approval for the transactions described herein, and risks associated with the energy efficiency sector generally. The Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
SOURCE Kontrol Energy Corp.
For further information: Paul Ghezzi, CEO, firstname.lastname@example.org, Kontrol Energy Corp., 5045 Orbitor Drive, Bldg. 9, Suite 401, Mississauga, ON L4W 4Y4, Tel: 905.766.0400, Toll free: 1.844.866.8123