TORONTO, Aug. 27, 2015 /CNW/ - EnerDynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V: EHT) is pleased to announce that it has reached agreements to settle obligations (the "Shares for Debt Transactions") owed to certain of its directors and arm's length creditors in the aggregate amount of $899,950 through the issuance of an aggregate of 1,799,900 common shares of EHT to such persons at a price of $0.50 per common share.
The Shares for Debt Transactions principally represent payments for consulting fees but also settle various other liabilities, including director's fees and trade payables. Completion of the Shares for Debt Transactions will allow EHT to preserve its existing cash balances.
All securities issued in connection with the Shares for Debt Transactions will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law legislation. The Shares for Debt Transactions remain subject to final TSX Venture Exchange approval.
Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Shares for Debt Transactions constitute "related party transactions" as related parties will receive 388,000 common shares of EHT in connection therewith. EHT is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the Shares for Debt Transactions, insofar as they involve related parties, does not exceed 25% of the market capitalization of EHT.
About EnerDynamic Hybrid Technologies
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.
The statements herein that are not historical facts are forwardlooking statements. Forward-looking information involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the Settlements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although EHT believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE Enerdynamic Hybrid Technologies Corp.
For further information: John Gamble, Director, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com; Stephanie Thompson, Administrative Assistant, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com