Energy Plug Announces Closing of First Tranche of Private Placement
Rhea-AI Summary
Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) has closed the first tranche of its non-brokered private placement, raising $266,000 by issuing 5,320,000 common shares at $0.05 per share. The company paid $18,880 in finder's fees and issued 377,600 brokers' warrants exercisable at $0.125 for one year. Proceeds will be used for general corporate matters. All securities issued are subject to a four-month hold period. This private placement follows the company's previous announcement on July 31, 2024.
Positive
- Successful closing of the first tranche of private placement
- Raised $266,000 in gross proceeds
- Issuance of 5,320,000 common shares at $0.05 per share
Negative
- Dilution of existing shareholders' ownership due to new share issuance
- Additional expenses incurred through finder's fees and brokers' warrants
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2024) - Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) ("Energy Plug" or the "Company"), is pleased to announce that, further to its press releases dated July 31, 2024, the Company has closed the first tranche of its non-brokered private placement (the "Private Placement"), issuing 5,320,000 common shares (the "Shares") at a price of
The gross proceeds raised from the sale of Shares will be used for general corporate matters.
The Company paid finders a cash fee of
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the Offering will be subject to a four month hold period commencing on the Closing Date.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "will", "proposes", "expects", "seeks", "estimates", "intends", "anticipates" or "believes", or variations (including negative and grammatical variations) of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the anticipated use of any proceeds raised under the Private Placement.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failures to obtain required regulatory approvals for the Private Placement from the CSE; market uncertainty; and the inability of the Company to apply the proceeds of the Private Placement as intended.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact Information
Energy Plug Technologies Corp.
Broderick Gunning
President & CEO
brodie@energyplug.com
Investor Relations
Renmark Financial Communications Inc.
1900 - 130 King Street West, Toronto, ON M5X 1E3
John Boidman
jboidman@renmarkfinancial.com
Tel.: (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219980
FAQ
How much did Energy Plug Technologies Corp. (PLGGF) raise in the first tranche of its private placement?
What is the price per share for Energy Plug Technologies Corp.'s (PLGGF) private placement?
How many common shares did Energy Plug Technologies Corp. (PLGGF) issue in the first tranche?
What are the terms of the brokers' warrants issued by Energy Plug Technologies Corp. (PLGGF)?
