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Enerdynamic receives TSX-V OK to close Windular buy
2021-08-17 17:03 ET - News Release
Mr. John Gamble reports
EHT PROVIDES CORPORATE UPDATE
Enerdynamic Hybrid Technologies Corp. has provided an update on its acquisition of Windular Research and Technologies in conjunction with the share consolidation, debt conversion and financing; each has received conditional approval from the TSX Venture Exchange.
Enerdynamic has closed in escrow the current non-brokered private placement financing with an aggregate of $3,566,399.20 in units subscribed for by both new and current investors. The amount raised from the financing is more than sufficient to commence Enerdynamic's projects that are shovel ready, with less dilution to shareholders.
Enerdynamic has settled with the majority of its outstanding debenture-holders in the amount of $14,228,110.31 by way of issuance of 20,325,837 common shares of the Company. Enerdynamic will continue to work with a few remaining debenture-holders to settle their amounts owing over the next few months. These settlement discussions will not impact the acquisition of Windular and the Company's operational activities.
Enerdynamic is pleased to have been able to significantly clean up its balance sheet as part of this set of transactions and anticipates a further clean-up of the balance sheet. Enerdynamic will over the next few months voluntarily put Enerdynamic Hybrid Technologies Inc. (EHTI), the subsidiary of Enerdynamic, through the bankruptcy process. EHTI has not conducted any business over the last few years and by undertaking the bankruptcy process, the Company will further reduce its consolidated liabilities by over $12,000,000.
Enerdynamic has also received conditional approval from the Exchange to close the acquisition of Windular. The combination of Enerdynamic and Windular will create a diversified solar and wind powerhouse with a strong multi-channel sales and distribution network positioned for growth in the global residential, agriculture and telecommunications markets.
Enerdynamic has asked the Exchange for the resumption of trading and will inform the shareholders once granted.
John Gamble, chief executive officer of Enerdynamic, commented: "This has been a long and arduous process for the companies and our valued investors new and old. We had a very good company before but now we have one of the leading renewable companies in the world with the addition of Windular. We have lots of exciting projects on the horizon and look forward to updating the market on a regular basis as customer orders are received."