NR: EnerDynamic Announces Planned Financing NIAGARA FALLS, ON / ACCESSWIRE / April 1, 2020 / EnerDynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V:EHT) announces that it has been approved by the TSX Venture Exchange ("TSXV") to raise up to $500,000 via a proposed private placement Unit (Listed Shares & Warrants) financing under the TSXV's special rules that pertain to certain unusual circumstances (a Minimum Pricing Discretionary Waiver in accordance with the TSXV's Notice to Issuers Bulletin published April 7, 2014) at a purchase price of $0.025 per Unit (the "Proposed Private Placement").
Each Unit consists of 1 common share (each a "Common Share"), and 1 common share purchase warrant (each a "Warrant"), in the capital of the Company. Each Warrant entitles the holder thereof to acquire 1 Common Share at a price of $0.05 per Common Share at any time up to the date that is 36 months following the date of issuance, provided that in the event that, during the period following 4 months and a day after the date of issuance, the trading price of the Common Shares exceeds $0.08 per Common Share for 10 consecutive trading days, the Company, by issuing notice to all holders of Warrants, may accelerate the expiry date of the Warrants to the date that is 30 calendar days after the date on which the Company issues such notice of the new accelerated expiry date.
EHT's board of directors has decided to raise some additional capital via the Proposed Private Placement at this time out of an abundance of caution due to the significant health/wellness and economic risks and challenges currently posed by the COVID-19 pandemic crisis in Canada and worldwide. The proceeds of the Proposed Private Placement will be used for working capital and the cost of completion of the Company's cannabis grow facility in Niagara Falls.
EHT would like to extend this offer to all EHT security holders who currently hold EHT common shares. The offer will be open until April 8, 2020. If you are an EHT security holder who is interested in participating, you should contact John Gamble, EHT's CEO, whose contact information appears at the end of this news release.
No USA Securities Offering
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities 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 within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.