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Home E-Mobility

EV Battery Tech Oversubscribes $0.20 Private Placement

Urja Daily by Urja Daily
January 19, 2022
in E-Mobility, News
Reading Time: 2 mins read
0
EV Battery Tech
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Vancouver – Extreme Vehicle Battery Technologies 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 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.

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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.

On behalf of the Company,
 
Bryson Goodwin,
Chief Executive Officer
 
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Tags: BatteryEV Battery TechExtreme VehicleTechnologies
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