ZENN MOTOR COMPANY ANNOUNCES PRIVATE PLACEMENT
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Posted On: 01/28/2015 8:10:07 PM
ZENN MOTOR COMPANY ANNOUNCES PRIVATE PLACEMENT
January 23, 2015
ZENN Motor Company Inc. Toronto, Ontario, Canada (TSXV: ZNN)
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ZENN MOTOR COMPANY ANNOUNCES PRIVATE PLACEMENT
Toronto, Ontario – January 23, 2015 – ZENN Motor Company Inc. (TSXV: ZNN) (“ZENN” or the “Company”) is pleased to announce a non-brokered private placement (the “Private Placement”) of up to 2,400,000 units of the Corporation (the “Units”) at a price of $0.375 per Unit for gross proceeds of up to $900,000. Each Unit is comprised of one common share in the capital of the Corporation (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $0.58 per share for a period of 18 months from the issuance date thereof.
The Common Shares, the Warrants and, upon the exercise of the Warrants, the Warrant Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws. The net proceeds of the Private Placement will be used by ZENN for working capital and general corporate purposes. Closing of the Private Placement is subject to receipt of TSX Venture Exchange approval.
About ZENN Motor Company Inc.
ZENN's mission is to be the provider of leading edge energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company’s current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. (“EEStor”). The acquisition of the controlling interest in EEStor aligns the businesses of both companies and now allows ZENN to benefit from other revenue streams that should be available to EEStor, including applications throughout the capacitor industry and not limited to high density energy storage applications.
EEStor’s capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as EEStor’s capacitor and energy storage technology and readers are directed to the “Risk Factors” disclosed in ZENN’s most recent Annual Information Form filed on SEDAR.
January 23, 2015
ZENN Motor Company Inc. Toronto, Ontario, Canada (TSXV: ZNN)
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ZENN MOTOR COMPANY ANNOUNCES PRIVATE PLACEMENT
Toronto, Ontario – January 23, 2015 – ZENN Motor Company Inc. (TSXV: ZNN) (“ZENN” or the “Company”) is pleased to announce a non-brokered private placement (the “Private Placement”) of up to 2,400,000 units of the Corporation (the “Units”) at a price of $0.375 per Unit for gross proceeds of up to $900,000. Each Unit is comprised of one common share in the capital of the Corporation (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $0.58 per share for a period of 18 months from the issuance date thereof.
The Common Shares, the Warrants and, upon the exercise of the Warrants, the Warrant Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws. The net proceeds of the Private Placement will be used by ZENN for working capital and general corporate purposes. Closing of the Private Placement is subject to receipt of TSX Venture Exchange approval.
About ZENN Motor Company Inc.
ZENN's mission is to be the provider of leading edge energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company’s current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. (“EEStor”). The acquisition of the controlling interest in EEStor aligns the businesses of both companies and now allows ZENN to benefit from other revenue streams that should be available to EEStor, including applications throughout the capacitor industry and not limited to high density energy storage applications.
EEStor’s capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as EEStor’s capacitor and energy storage technology and readers are directed to the “Risk Factors” disclosed in ZENN’s most recent Annual Information Form filed on SEDAR.
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