Oversubscribes $0.20 Private Placement NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES
Vancouver, B.C., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) is pleased to announce that, further to its news release dated January 12, 2022, it has successfully closed its non-brokered private placement of units (each, a “Unit”) for total gross proceeds of $900,000 (the “Private Placement”).
The Company originally set out to raise $750,000 CAD, as announced on January 12, 2022. Due to significant demand, the Private Placement was oversubscribed and the Company successfully raised total gross proceeds of $900,000.
“This private placement shows the considerable strength of the Company and the faith investors have in its long-term business plan,” stated Bryson Goodwin, President and CEO of EV Battery Tech.
In connection with the Private Placement, the Company issued a total of 4,500,000 Units at a price of $0.20 per Unit. Each Unit consists of one (1) common share (a “Common Share”), and one (1) common share purchase warrant (a “Warrant”), each exercisable into one Common Share at an exercise price of $0.25 for a period of three years from the issuance date, subject to acceleration, at the Company’s discretion, in the event that the Common Shares close at a price on the CSE of greater than $0.50 per Common Share for three consecutive trading days. All securities issued in connection with the Private Placement are subject to a four-month-and-one-day hold period under applicable securities laws.
The Company intends to use the proceeds from the Private Placement for the development of its crypto mining facility, marketing and for general working capital.
"This private placement will mainly be used to progress our newly acquired crypto mining facility, which we hope will add significant value to our shareholders in 2022," concluded Mr. Goodwin.
About EV Battery Tech
Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The Company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.
https://www.evbattery.tech.
https://www.ionixpro.com.
https://www.globenewswire.com/news-release/2022/01/18/2368414/0/en/EV-Battery-Tech-Oversubscribes-0-20-Private-Placement.html