EnerDynamic Receives Final Approvals For Acquisition, Debt Settlement And Financing Of Windular
NIAGARA FALLS, ON / ACCESSSWIRE / August 25, 2021 / EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) (âEHTâ or the âCompanyâ), a global leader in solar and wind renewable energy technologies, is pleased to announce that it has now received final approval from the Stock Exchange of TSX Venture (âTSXVâ) to close the following transactions:
The Company is pleased to announce that it has successfully completed the previously announced acquisition of Windular Research and Technologies inc. (“Windular”) (the “Acquisition”) and its advanced “Smart Tracking” turbine system designed for the telecommunications industry.
The Company acquired all of the issued and outstanding shares of Windular in a stock transaction valued at $ 15 million. Pursuant to the acquisition, the Company issued 21,428,572 common shares (the âIssued Sharesâ) to the shareholders of Windular at a deemed price of $ 0.70. Certain holders of issued shares have agreed to enter into lock-up agreements whereby 25% of their issued shares will be freely traded upon closing of the acquisition, 25% of their issued shares will be held for a period of four months and one. day after the closing of the acquisition, and the balance of their issued shares will become free for trading eight months after the closing of the acquisition.
The combination of the company and Windular will offer a complete suite of clean energy technology solutions to the global âtowerâ market.
Actions for the debt operation
The Company has entered into agreements with certain debtors and creditors, including certain holders of debentures, to settle a total indebtedness of $ 14,228,109.94 by issuing 20,325,871 common shares of the Company (the âSettlement Sharesâ). â), At a deemed price of C $ 0.70 per settlement. Action in accordance with the policies of the TSXV (the âDebt Settlementâ). As a result, the Company has completed the Debt Settlement and the Settlement Shares are subject to the legal hold period of four months and one day after their issue. EHT will continue to work with the few remaining debenture holders to settle their amounts owed over the coming months.
The Company has closed its previously announced non-intermediary private placement offer (the âOfferâ). In connection with the offering, the Company issued 5,094,857 units (each, a âUnitâ) at a price of Cdn $ 0.70 per unit for total gross proceeds of $ 3,566,399.90. Each unit consists of one common share of the Company (a âShareâ) and one transferable common share purchase warrant (a âWarrantâ). Each warrant entitles the holder to purchase one additional share at the price per share of CA $ 1.00 until August 25, 2023. The amount currently raised is more than sufficient to start EHT projects that are ready to go. , with less dilution for shareholders and will be used to fund EHT and Windular’s ongoing projects as well as for general working capital purposes.
As part of the placement, the Company paid finder’s fees composed of 7% in cash and 7% of non-transferable intermediary share subscription warrants allowing their holders to purchase shares of the Company at a price per share of $ 1.00 up to 24 months after closing. The Company issued 3,150 warrants and paid $ 2,205 in finder’s fees to Leede Jones Gable Inc., as well as 86,100 warrants and $ 60,270 in finder’s fees to Canaccord Genuity Corp.
An insider of the Company participated in the offering by subscribing for 142,857 units. The subscription of units to insiders in connection with the Offering is considered a ârelated party transactionâ under Multilateral Instrument 60-101 – Protection of Minority Security Holders in Special Transactions (âMI 61-101â) , but the Company intends to rely on available exemptions from the formal assessment and minority shareholder approval requirements set out in sections 5.5 (a) and 5.7 (a) of NI 61-101 on the basis that the participation Offer by Insiders will not exceed 25% of the fair market value of the Company’s Market Capitalization. The action disclosed herein has been approved by the Board of Directors of the Company.
EHT is also pleased to have been able to considerably clean up its balance sheet as part of this set of operations and as is currently the case with a new balance sheet restructuring. Over the next few months, EHT will voluntarily upgrade its EnerDynamic Hybrid Technologies Inc. subsidiary of EnerDynamic Hybrid Technologies Corp. bankrupt. The division has not done any business in recent years and will further reduce the company’s consolidated liabilities by more than $ 12,000,000.
John Gamble, CEO of EHT, commented: âThis is a historic day for the company. It’s been a long process, but now we have the core of the best new renewable energy technologies and we are able to move forward on many fronts. “
About EnerDynamic Hybrid Technologies
EHT (TSXV: EHT) provides exclusive turnkey energy solutions that are smart, bankable and sustainable. Most energy products and solutions can be implemented immediately where they are needed. EHT sets itself apart from its competitors by combining a full line of solar photovoltaic, wind and battery storage solutions, which can provide power around the clock, both on a small and large scale. In addition to traditional support to established power grids, EHT excels where there is no power grid. The organization provides advanced solutions for various industries in combination with energy saving and power generation solutions. EHT’s expertise includes the development of module structures with full integration of smart energy solutions. These are transformed through EHT’s production technologies into attractive applications: modular homes, cold storage facilities, schools, residential and commercial outbuildings and emergency / temporary shelters. Windular Research and Technologies Inc. (WRT) provides cutting-edge wind technology to the global telecommunications market whereby the WRT system can be implemented directly on any existing or new tower configuration. WRT provides a source of renewable energy in remote and rural areas where the primary source of energy is diesel. WRT’s innovative system offers customers a lower overall cost of ownership as well as a reduced carbon footprint.
For more information, please contact:
Chief Executive Officer
EnerDynamic Hybrid Technologies Corp.
Phone. : 289-488-1699
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this document that are not historical facts are forward-looking statements. Forward-looking information relating to the sales of products (the “Opportunities”) involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed. or implied by this forward-looking information. information search. Although EHT believes that the assumptions used in preparing forward-looking information about the opportunities described in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given that such events will occur within the disclosed time frame or not at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
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