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CALGARY, ALBERTA--(Marketwired - Jan 6, 2016) - Eguana Technologies Inc (TSX VENTURE:EGT)(OTC PINK:STGYF) ("Eguana"), a technology leader in power conversion and control systems for distributed energy storage confirms that it has completed its previously announced private placement of limited partnership Units ("LP Units") of its subsidiary EGT Markets Limited Partnership (the "Partnership") for gross proceeds of $747,000.
The Partnership has issued 747 LP Units at a subscription price of $1,000 per LP Unit. The 747 LP Units may be acquired by Eguana for a total of (a) 6,790,977 common shares in the capital of Eguana ("Common Shares") if acquired on or before March 31, 2016; or (b) 10,186,465 Common Shares if acquired after March 31, 2016.
Eguana will pay a finders' fees totaling $23,850 and will issue (a) 216,820 broker warrants ("Warrants") if the LP Units are acquired by Eguana on or before March 31, 2016; and (b) 325,231 Warrants if the LP Units are acquired by Eguana after March 31, 2016. The Warrants are exercisable for a period of one year from the date of closing at an exercise price of $0.11 per Common Share.
The net proceeds of the issue will be used to accelerate the commercial launch of the North American AC Battery and complete the integration and launch of the European AC Battery.
The securities issued under the private placement are subject to a four month hold period.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with industry leading Li-Ion batteries. Our solution can be seamlessly integrated with a local energy management system or a distributed fleet control network using open communication protocols to provide a fully functional energy storage installation. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as a standalone product, as part of new solar storage installations, or as a retrofit to solar PV installations already in place.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX VENTURE:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years' experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's most recent audited Financial Statements which may be found on its website or at sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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.
Eguana Technologies Inc.