05:56:46 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Zenn Motor Company Inc
Symbol ZNN
Shares Issued 53,471,498
Close 2014-02-05 C$ 0.81
Market Cap C$ 43,311,913
Recent Sedar Documents

Zenn Motor agreement to acquire EEStor shares

2014-02-05 20:32 ET - Acquisition

The TSX Venture Exchange has accepted for filing documentation pertaining to an investment agreement made as of Dec. 20, 2013, between Zenn Motor Company Inc., EEStor Inc., a developer of proprietary energy storage technologies, and certain directors, officers and significant shareholders of EEStor, whereby the company has acquired: (i) 369,167 Series A1 preferred shares of EEStor from treasury in consideration for cash investment of $1-million (U.S.); and (ii) 360,000 shares of common stock from certain shareholders of EEStor in consideration for the issuance of 5.4 million common shares of the company. Following these acquisitions of additional EEStor shares, the company now owns approximately 68.4 per cent of the equity and voting shares of EEStor on an as-converted basis.

The company also issued a total of 600,000 common shares of the company to the EEStor principals in consideration for their facilitation of the financing transaction and changes in the board and management of EEStor, 150,000 of which are held in escrow and will be released after four months from issuance subject to the satisfaction of certain conditions.

For further details, please refer to the company's comprehensive news releases dated Dec. 23, 2013, and Jan. 27, 2014.

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