TORONTO, ON / ACCESSWIRE / August 25, 2020 / EnerDynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V:EHT)is pleased to announce that it has completed a non-brokered private placement that was conditionally accepted by the TSX Venture Exchange (the "Exchange") on August 14, 2020. The Company raised gross proceeds of $1,000,000 from the sale of 20,000,000 units at a price of $0.05 per unit (each a "Unit" and collectively, the "Units") (the "Offering").
Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company at a per share price of $0.05 for a term of 36 months (the "Warrant Expiry Date") from the applicable closing date (the "Closing Date") except in the event that during the period following four months and one day after the Closing Date, the trading pr ice of the common shares exceeds $0.07 per common share for 10 consecutive days, the Company may at any time thereafter accelerate the Warrant Expiry Date to the date that is 30 calendar days after the date on which the Company issues notice to all holders of the Warrants of the new accelerated expiry date. No finder's fees were paid in connection with this Offering.
Mr. Gamble, President and CEO and David Woolford Director, each participated in the placement.
Mr. Gamble purchased 2,000,000 units and Mr. Woolford 3,808,000 units.
The net proceeds from the Offering will be used by the Company to fund the Company's product commercialization, sales and marketing and for general working capital purposes. All securities issued under the Offering, including common shares issued pursuant to the underlying Warrants, are subject to a four month and one day hold period until December 24, 2020. In accordance with applicable securities legislation the Offering is subject to fi nal acceptance by the Exchange.