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Zinc8 Energy Solutions Inc
Symbol ZAIR
Shares Issued 162,577,319
Close 2022-12-19 C$ 0.195
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Zinc8 arranges $3-million private placement

2022-12-19 23:32 ET - News Release

Mr. Ron MacDonald reports

ZINC8 ENERGY SOLUTIONS ANNOUNCES $3,000,000 PRIVATE PLACEMENT

Zinc8 Energy Solutions Inc. has arranged an offering of up to 15 million units at a price of 20 cents per unit as a non-brokered private placement to raise gross proceeds of up to $3-million. The proceeds of the private placement will be used for working capital expenditures, including operating expenses, research and development, pursuing advancement of the company's business plan, salaries and wages, investor relations and marketing fees, and professional fees.

Each unit is composed of one common share in the capital of the company and one non-transferable share purchase warrant. The warrants are exercisable for a period of two years at a price of 30 cents in the first year from the date of issuance and at a price of 40 cents for the balance of the term. Finders' fees will be paid in connection with the private placement, and certain insiders of the company intend to participate in the private placement. The proposed participation by insiders in the private placement is a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25 per cent of the company's market capitalization. All securities issued pursuant to the private placement will be subject to a hold period of four months and a day from closing of the private placement in accordance with securities laws. Closing of the private placement remains subject to several conditions, including receipt of subscriptions and regulatory approval, if required.

Zinc8 focuses on developing and commercializing its low-cost, long-duration ZESS for utilities, microgrid, and commercial and industrial markets. By using the patented ZESS as a stand-alone or an enabling technology, it allows opportunities for peak demand reduction, time-of-use arbitrage, and participation in both the value-stacking programs and the distributed long-duration energy storage space, all in conjunction with the opportunity for a significant reduction in carbon footprint. The long-duration (eight to 100-plus hours) ZESS has no fire and explosion risk, has no capacity fade over an extensive lifetime, and offers complete charge operational flexibility.

About Zinc8 Energy Solutions Inc.

Zinc8 has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. This mass storage system offers both environmental and efficiency benefits. Zinc8 strives to meet the growing need for secure and reliable power.

We seek Safe Harbor.

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