EEStor Corporation to Complete Private Placement and Amend Terms of Share Purchase Warrants

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TORONTO, March 19, 2020 — EEStor Corporation (TSX.V: ESU) (“EEStor” or the “Corporation”) announces that it will offer (the “Offering”) up to 16,666,667 units (each, a “Unit”) by way of non-brokered private placement at a price of $0.03 per Unit to raise gross proceeds of up to $500,000. Each “Unit” will consist of one common share of the Corporation, and one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.05 for a period of twenty-four months.

Ian Clifford, Founder and CEO of the Corporation commented: “With the challenging global markets we face today, the board of EEStor has decided that strengthening our balance sheet is a prudent strategy. The imperative for sustainable and localized power generation has never been more evident, and as we continue to progress forward with our acquisition of Infinium Generation, we foresee many opportunities for EEStor shareholders.”

The Corporation intends to use the proceeds of the Offering to retire existing payables, support operations and cover general and administrative expenses for the next six months. Assuming the Offering is completed in full, the Corporation estimates allocating the proceeds as follows:

Use of ProceedsAllocated Amount
Administrative Costs of Private Placement$25,000
Finders’ Fees/Commissions for Private Placement$30,000
Retirement of Existing Trade Payables$125,000
Retirement of Bridge Loan$53,000
Retirement of Promissory Note$36,000
Outstanding Historical Audit Expenses$25,000
Shareholders General Meeting$25,000
Accounting and Bookkeeping$30,000
Transfer Agent$6,000
Legal Fees$50,000
Regulatory Filing Fees$10,000
General and Administrative Expenses$75,000
Unallocated Working Capital$10,000
Gross Proceeds$500,000

The above figures are estimates only and there may be circumstances in which the Corporation is required to reallocate proceeds of the Offering based on the operational needs of the Corporation, or in the event the Offering is not completed in full.

The Corporation may pay finders’ fees to eligible parties who have introduced subscribers to the Offering. All securities to be issued by the Corporation in connection with the Offering will be subject to a four-month-and-one-day statutory hold period in accordance with the policies of the TSX Venture Exchange. Completion of the Offering remains subject to approval of the TSX Venture Exchange, and cannot be completed until such approval has been obtained. Completion of the Offering is not contingent on completion of any transaction with Infinium Generation Ltd.

Warrant Amendment

The Corporation previously announced that it would amend the terms of an aggregate of 4,055,000 share purchase warrants (the “March Warrants”), currently exercisable to acquire common shares of the Corporation at a price of $0.45 until March 16, 2020. The March Warrants were previously issued in connection with a tranche of a non-brokered private placement completed by the Corporation. In addition to the March Warrants, the Corporation now intends to amend the terms of a further 2,743,000 share purchase warrants (the “April Warrants”), issued in connection with a further tranche of the same placement, and which are currently exercisable to acquire common shares of the Corporation on the same terms until April 12, 2020.

Under the terms of the amendment, both the March Warrants and the April Warrants will now be exercisable at a price of $0.10 until March 16, 2021 and April 12, 2021, respectively. In accordance with the policies of the TSX Venture Exchange, the amendment will also provide that the exercise period of the warrants will be reduced to thirty days if, for any ten consecutive trading days, the closing price of the common shares of the Corporation on the TSX Venture Exchange is $0.125 or greater. The reduced thirty-day period will begin seven calendar days after such ten-consecutive-trading-day period.

The March Warrants, and the April Warrants, were previously issued in connection with a non-brokered private placement completed by the Corporation, and not in compensation for any services provided to the Corporation. None of the March Warrants, or the April Warrants, are held by directors, officers or control persons of the Corporation.

About EEStor

EEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material. EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About EEStor” paragraph which essentially describes the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.


Mr. Ian Clifford Chief Executive Officer 416-535-8395 ext.3 [email protected]

EEStor Corporation to Complete Private Placement and Amend Terms of Share Purchase Warrants 1

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