Zinc8 Energy Solutions Inc (CSE:ZAIR) announced Tuesday a marketed private placement offering for total proceeds of up to $10 million.
In a statement, the company said the net proceeds will be used for further research and development and commercialization of its patented zinc-air battery system, business development, marketing, capital investments, and general working capital requirements.
The offering is being conducted on a “best efforts” basis and is being led by Raymond James Ltd and Haywood Securities Inc as co-lead and co-book runners on behalf of a syndicate of agents.
Zinc8 noted that it has agreed to grant the agents an option, exercisable in whole or in part at the sole discretion of the agents at any time prior to the closing, to increase the size of the offering by up to $1.5 million.
The closing is anticipated to occur on February 24, 2021 or such other date as the company and the agents may agree. The offering is also subject to customary regulatory closing conditions and the shares will be subject to a four-month and one-day hold period.
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