TORONTO, Aug. 13, 2018 (GLOBE NEWSWIRE) — EEStor Corporation (“EEStor” or the “Company“) (TSX VENTURE:ESU) announced today that it intends to pursue a non-brokered private placement of units (“Units”) to raise gross proceeds of up to C$1,500,000 (the “Financing”). The Units will be offered at a price of C$0.17 per Unit with each Unit consisting of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of C$0.34 for a period of 60 months following the closing of the Financing. All securities issued in the Financing will be subject to a 4-month hold period in Canada and such longer periods as may be required under other applicable securities laws.

Commitments for approximately C$500,000 of the Financing have been received to date and the Company plans a first closing on or before August 17, 2018. The balance of the Financing, up to an aggregate maximum of C$1,500,000, will be completed in subsequent closings to the extent subscription are received. The Financing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Net proceeds from the private placement will be used to advance licensing efforts and for working capital and general corporate purposes.

Ian Clifford, CEO of EEStor, stated: “This targeted and proportional financing is designed to support the Company’s immediate goals of securing commercial licensing and manufacturing relationships. A number of strategic negotiations are underway.”

The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.

About EEStor Corporation

EEStor is a developer of high energy density solid-state capacitor technology utilizing the Company’s patented Composition Modified Barium Titanate (CMBT) material.  The Company is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.

The Company’s success depends on the commercialization of its technology.  There is no assurance that EEStor will be successful in the licensing of the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s public filings.

For additional information please contact:

Ian Clifford
Chief Executive Officer
EEStor Corporation
Tel. 416-535-8395 ext. 3

Nick Jones
Vice President – Technology
Tel. 44-7832115362       

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.