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TORONTO, Oct. 24, 2014 /CNW/ - Enerdynamic Hybrid Technologies Corp. (formerly MCM Capital One Inc.) (TSX-V: EHT) ("EHT" or the "Company") has completed the third and fourth tranches, representing the final tranches, of the brokered private placement announced on September 18, 2014 (the "Offering"). An aggregate of 1,350,000 common shares were issued for $1.00 each to raise gross proceeds of $1,350,000.00. Pursuant to the third tranche closing on October 21, 2014 (the "Third Tranche Closing"), a total of 750,000 common shares were issued for $1.00 each to raise a total of $750,000.00. Pursuant to the fourth and final tranche of the private placement closing on October 24, 2014 (the "Final Tranche Closing"), a total of 600,000 common shares were issued for $1.00 each to raise a total of $600,000.00.
Upon the Final Tranche Closing, the Offering was completed. Pursuant to the Offering gross proceeds of $3,200,000 have been raised through the issuance of 3,200,000 common shares. John Gamble, CEO of the Company indicated that "we are pleased that we have been able to raise the capital needed to further develop and partner on attractive solar energy projects and continue to expand our micro utility energy solutions for the benefit of EHT shareholders. The decision to close the financing at this stage was strategic in that it fit within the timing of our business requirements".
Kingsdale Capital Markets Inc. (the "Agent") acted as agent for the private placement. EHT has paid the Agent cash compensation of $101,250.00 and agent warrants to purchase 135,000 common shares of EHT, in connection with the Third Tranche Closing and the Final Tranche Closing. Each warrant is exercisable for one (1) common share at a price of $1.00 on or before October 2, 2016.
The securities issued in the Third Tranche Closing are subject to a four month hold period which expires on February 22, 2015. The securities issued in the Final Tranche Closing are subject to a four month hold period which expires on February 25, 2015.
Proceeds from the Offering will be used for working capital and potentially to acquire the rights to certain solar energy projects now under negotiation.
Following completion of the Offering, there are 65,589,446 issued and outstanding common shares of EHT.
The information in this news release includes certain information and statements that constitute forward-looking information. These forward-looking statements are based upon assumptions that 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 provide to be correct. Except as required by law, EHT disclaims any intention and assumes no obligation to update or revise and 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 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.
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.comCompany