(TheNewswire)
VANCOUVER, BC – TheNewswire - July 9, 2024 - ABOUND Energy Inc. (“ABOUND” or the “Company”) (CSE: ABND) (OTC PINK: ZAIRF) (FSE: 0E9) proposes to complete a non-brokered private placement of up to 5,000,000 units (the "Units") at an offering price of $0.10 per Unit, to raise gross proceeds of up to $500,000 (the "Offering"). Each Unit will consist of one (1) common share of the Company and one (1) transferable share purchase warrant (the "Warrants"). Each Warrant will be exercisable to acquire one additional common share at an exercise price of $0.20 per share for a period of one (1) year from the date of closing of the Offering. The first tranche of the Offering is expected to close by July 16, 2024 with up to 3,500,000 Units sold for gross proceeds of up to $350,000.
The net proceeds of the Offering will be used for working capital expenditures including operating expenses, payment of accounts payable, research and development, pursuing advancement of the Company's business plan, salaries and wages, and professional fees. Finder's fees and/or commissions may be paid in connection with that funding. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
All securities issued pursuant to the Offering will be subject to a hold period of four (4) months and a day from the closing date in accordance with securities laws. Insiders are expected to participate in the Offering. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The closing of this Offering remains subject to several conditions including receipt of subscriptions and regulatory approval, if required.
The Company announces the grant of an aggregate of 729,000 incentive stock options to certain directors, officers and consultants of ABOUND at an exercise price of $0.10 per share for a period of 5 years. Such options are granted pursuant to the Company's 10% rolling stock option plan and are in accordance with policies of the Canadian Securities Exchange.
About ABOUND Energy Inc.
ABOUND specializes in developing scalable, environmentally friendly, long-lasting energy technology. Our patented Zaeras™ long-duration energy storage technology, leveraging zinc-air chemistry, guarantees the storage and on-demand delivery of electricity without the limitations or environmental risks associated with current market leaders.
About ABOUND’s Zaeras™ Technology
Zaeras™ is precision-engineered to meet future energy requirements, with a specific emphasis on simplifying long-duration energy storage. Harnessing the potential of its multi-patented Zaeras™ technology, ABOUND is poised to facilitate the seamless integration of green energy sources into the grid. This is achieved by minimizing curtailment, bridging the gap between supply and demand, and efficiently integrating green energy into the grid. ABOUND's strategic initiatives encompass opportunities for peak demand reduction, leveraging time-of-use arbitrage, participating in value stacking programs, and entering the distributed long-duration energy storage sector. These endeavors are aligned with our central objective of increasing the integration and resiliency of green energy, while stabilizing the grid.
Distinguished by its inherent safety—free from fire or explosion hazards—Zaeras™ guarantees sustained capacity over an extensive lifecycle. Simultaneously, it showcases versatility by independently managing charge and discharge operations. Comparable to other Flow Battery technologies, scaling up the energy capacity of Zaeras™ is as simple as increasing the size of the fuel tank; a cost-effective solution, from kWh to MWh. This is a welcome alternative to the fixed power-to-energy ratio constraints ingrained in traditional systems, such as Li-ion and Zinc Hybrid Batteries.
To learn more about ABOUND’s technology, please visit: https://Abound.Energy
For more information please contact:
Jason Birmingham, CEO
Email: Investors@Abound.Energy
Ph: +1 (672) 887-9688
Notice Regarding Forward Looking Statements
This news release may contain certain “forward looking statements.” Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whetheras a result ofnew information, future events, or results or otherwise.
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