The Company issued a total of 8,148,402 Common Shares at a price of $0.12 per share for gross proceeds of $977,808. The Company anticipates closing the second tranche of this Offering next week.
"We continue to gain traction in the US market particularly in Hawaii where our partner E-Gear LLC has begun sales to its solar installer dealer network and is developing further grid support opportunities along with the previously announced Moloka'i grid support project. We are pleased to again see an oversubscribed offering that will provide the working capital required to meet the increasing demand in the US and keep our European development ahead of schedule" commented Justin Holland, CEO of Eguana.
Bayfront Capital Partners, Ltd. acted as Agent and financial advisor for the Company in connection with the sale of Common Shares. In connection with the Offering, Eguana paid an aggregate cash commission of $68,446.58 and issued compensation options to purchase an aggregate of 570,388 Common Shares at a price of $0.12 per share for a period of 36 months from the date of issuance.
The securities issued under the Offering are subject to a four month and one-day hold period. The Offering remains subject to final approval of the TSX Venture Exchange. This press release is also issued pursuant to the early warning report requirements of applicable securities laws of Canada which also requires a report to be filed on SEDAR containing additional information with respect to the foregoing matters. A copy of such early warning report will be available on SEDAR (www.sedar.com).
About The AC Battery:
The AC Battery is a pre-integrated and fully certified energy storage system which requires only a grid connection and a dispatch signal to provide a fully functional and durable energy storage installation to the consumer. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as part of new solar storage installations or as a retrofit to solar PV installations already in place.