Zinc8 Energy Solutions (CSE:ZAIR) Inc said it has raised $1,818,806 in gross proceeds from the exercise of 6,062,688 warrants over the past few weeks.
The company said the warrants, which were issued on September 4, 2020, for a two-year term, were each exercised into one common share at an exercise price of $0.30 per share.
Following the exercise of these warrants, Zinc8’s total shares outstanding are approximately 161 million shares, the company said.
READ: Zinc8 Energy Solutions says first commercial production site to be based in the United States
Zinc8 CEO Ron MacDonald said the funds raised not only added to the company’s cash position but reinforced the support it had received from its shareholders.
"We appreciate the investors' support to achieve our developmental goals as we progress on our path towards full commercialization of our zinc-air energy storage systems (ZESS),” he said.
MacDonald added that, with President Joe Biden signing into law the Inflation Reduction Act, it was clear to the company that the US aimed to become a leader in the manufacturing of clean technology solutions supporting decarbonization, energy security and economic growth.
“These support programs, coupled with the support of high-profile figures such as Senator Schumer, has recently led us to the decision to locate and build an initial production facility for Zinc8's energy storage systems in the United States,” he said.
Zinc8 is focused on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrids, and commercial & industrial markets.
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