Zinc8 Energy Solutions Inc (CSE:ZAIR) has announced an offering of up to 15 million units at a price of $0.20 per unit as a non-brokered private placement to raise gross proceeds of up to $3 million.
The proceeds of the private placement will be used for working capital expenditures including operating expenses, research and development, to advance the company's business plan, salaries and wages, investor relations and marketing fees, and professional fees.
Each unit is comprised of one common share in the capital of the company and one non-transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of $0.30 in the first year from the date of issuance and at a price of $0.40 for the balance of the term.
READ: Zinc8 Energy Solutions ends 3Q with working capital balance of $4M
Finder's fees will be paid in connection with the private placement and certain insiders of the company intend to participate in the private placement.
All securities issued under the private placement will be subject to a hold period of four months and a day from closing in accordance with securities laws. Closing of the private placement remains subject to several conditions including receipt of subscriptions and regulatory approval, if required.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a US person, unless an exemption from registration is available.
Zinc8 Energy Solutions focuses on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrid, and Commercial & Industrial markets. By using the patented ZESS as a standalone or an enabling technology, it allows opportunities for peak demand reduction, time-of-use arbitrage, and participation in both the value stacking programs and the distributed long-duration energy storage space, all in conjunction with the opportunity for a significant reduction in carbon footprint. The long duration (8-100+ hours) ZESS has no fire and explosion risk, has no capacity fade over extensive lifetime, and offers complete charge operational flexibility.
Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power.
Contact the author at jon.hopkins@proactiveinvestors.com