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

TORONTO, March 19, 2020 (GLOBE NEWSWIRE) -- 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 Proceeds	Allocated 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.