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Zinc8 Energy Solutions Inc
Symbol ZAIR
Shares Issued 75,711,374
Close 2020-09-04 C$ 0.265
Recent Sedar Documents

Zinc8 Energy closes $1.4M private placement

2020-09-04 16:27 ET - News Release

Mr. Ron MacDonald reports

ZINC8 ENERGY SOLUTIONS ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Zinc8 Energy Solutions Inc. has completed its previously announced non-brokered private placement, as described in its news release dated Aug. 5, 2020, pursuant to which it has issued an aggregate of 8.75 million units at a price of 16 cents per unit for gross proceeds of $1.4-million.

Each unit will comprise one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share in the capital of the company for a period of 24 months from the closing date at an exercise price of 30 cents. Insiders may participate in the private placement.

The company paid finders' fees of $37,560 and issued 234,750 share purchase warrants to certain finders in connection with the private placement.

Certain insiders of the company subscribed for a total of 2,266,250 units under the private placement, which 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% of the Company's market capitalization.

All securities issued in respect of the Private Placement will be subject to a hold period of four (4) months and a day from closing of the Private Placement in accordance with securities laws.

The proceeds of the Private Placement will be used for general working capital.

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.

To watch a short video outlining Zinc8's technology, please visit:

https://zinc8energy.com

More about the Zinc8 Energy Storage System (ESS)

The Zinc8 ESS is a modular Energy Storage System designed to deliver power in the range 20kW - 50MW with capacity of 8 hours of storage duration or higher. With the advantage of rechargeable zinc-air flow battery technology, the system can be configured to support a wide range of long-duration applications for microgrids and utilities. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium ion battery.

We seek Safe Harbor.

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