EHT Completes $4.04M Private Placement to Support Solar Project Development in Ontario
Dec 15, 2014, 06:00 ET
TORONTO, Dec. 15, 2014 /CNW/ - Enerdynamic Hybrid Technologies Corp. (TSX-V: EHT) ("EHT" or the "Company") is pleased to announce that it has completed a brokered private placement of 5,050,000 flow through shares issued at a price of $0.80 each for gross proceeds of $4,040,000 (the "Offering").
Mr. John Gamble, CEO of the Company said "This financing supports the previously announced acquisition of up to 46 Megawatts of solar energy projects in Ontario."
Kingsdale Capital Markets Inc. (the "Agent") acted as agent for the private placement. EHT has paid the Agent cash compensation of $303,000 and agent warrants to purchase 505,000 common shares, each agent warrant exercisable for one (1) common share on or before two (2) years from the date of issue at a price of $0.80 per common share (the "Warrants").
The Offering closed in tranches. Pursuant to the first tranche of the private placement closing on November 28, 2014 (the "November Closing"), a total of 1,300,000 common shares and 130,000 Warrants were issued. Pursuant to the second tranche closing on December 12, 2014 (the "December Closing"), a total of 3,750,000 common shares and 375,000 Warrants were issued.
The securities issued in the November Closing are subject to a four month hold period which expires on March 29, 2015. The securities issued in the December Closing are subject to a four month hold period which expires on April 13, 2015.
Following completion of the Offering, there are 70,839,446 issued and outstanding common shares of EHT.
Forward-Looking Information
The information in this news release, including any anticipated use of proceeds, non-dilutive finance opportunities and guidance commentary, includes certain information and statements that constitute forward-looking information. These forward-looking statements are based upon assumptions, principally EHT's ability to successfully incur the Canadian renewable and conservation expenses, and such assumptions are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may vary materially from those anticipated and indicated by these forward-looking statements. Although EHT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, EHT disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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.
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 leading world class 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.
SOURCE: Enerdynamic Hybrid Technologies Corp.
For further information: David Prue, Corporate Communications, 905-401-8303, [email protected]; Wanda Cutler, Media/Investor Relations, 416-303-6460, [email protected]; Rob Fia, Director, 416-867-2353, [email protected]; Company Website: www.ehthybrid.com