Fort Capital Partners is pleased to announce that Eguana Technologies Inc. (TSXV:EGT) (“Eguana” or the “Company”) has completed a private placement (the “Financing”) of 50,000,000 Special Warrants for gross proceeds of $20,000,000.
The proceeds of the offering will be used to accelerate cost reduction activities, to accelerate research and development of its battery technology, to expand its development and lab testing capabilities, and to strategically position inventory for the transition from batch manufacturing to flow manufacturing, enabling consistent product availability.
The 50,000,000 Special Warrants were priced at $0.40 per Special Warrant, whereby each Special Warrant is exercisable into one common share without payment of any additional consideration.
“I’m very proud of our team, who have worked tirelessly over the past few years, to position Eguana with a feature rich suite of products and fantastic partners in key areas including manufacturing, installation, and supply,” commented Eguana CEO Justin Holland. “We are also encouraged by the institutional support and will put this growth capital to good use by immediately accelerating our supply chain activities to bring additional predictability to our revenue streams by reducing the impact of COVID-19 driven logistics disruption. We will also accelerate the vertical integration of our battery supply chain giving the Company increased flexibility and advantage with new and emerging battery chemistries.”
Fort Capital Partners acted as the Financial Advisor to Eguana on the Financing.