Zinc8 Energy Solutions (CSE:ZAIR) said it has appointed Dr Simon Fan, its former chief technology officer and executive vice president, to its board of directors.
The company noted in a statement that Fan has been vital to the development of its proprietary technology. The addition of his technical knowledge and long tenure with the company will strengthen the board's ability to effectively oversee the development of the technology and work towards commercialization of its long-duration Zinc8 Energy Storage Systems, it added.
Chief financial officer Sorin Spinu will oversee the company in an executive and operational capacity until a new CEO is appointed.
“The Board of Directors will continue to seek and evaluate a number of opportunities for moving the Company forward during these challenging times,” Zinc8 said.
The company also announced revisions to the terms of its recently announced proposed non-brokered private placement.
The placement will now consist of up to 333,333,333 units at $0.015 each to raise gross proceeds of up to $5,000,000.
Each unit comprises one common share and one common share purchase warrant, with each warrant exercisable into one share at $0.05 for one year from closing.
Existing shareholders will be given priority for their subscriptions.
The funds will be used to finance its operations, including research and development and the advancement of its business plan.
Zinc8 is focused on developing and commercializing its low-cost, long-duration Zinc8 Energy Storage System (ESS) technology for utilities, microgrids, and commercial and industrial markets. The mass storage system offers both environmental and efficiency benefits.
Contact the author at stephen.gunnion@proactiveinvestors.com