NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES
Vancouver, B.C., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) is pleased to announce that, further to its news release dated January 12, 2022, it has successfully closed its non-brokered private placement of units (each, a “Unit”) for total gross proceeds of $900,000 (the “Private Placement”).
The Company originally set out to raise $750,000 CAD, as announced on January 12, 2022. Due to significant demand, the Private Placement was oversubscribed and the Company successfully raised total gross proceeds of $900,000.
“This private placement shows the considerable strength of the Company and the faith investors have in its long-term business plan,” stated Bryson Goodwin, President and CEO of EV Battery Tech.
In connection with the Private Placement, the Company issued a total of 4,500,000 Units at a price of $0.20 per Unit. Each Unit consists of one (1) common share (a “Common Share”), and one (1) common share purchase warrant (a “Warrant”), each exercisable into one Common Share at an exercise price of $0.25 for a period of three years from the issuance date, subject to acceleration, at the Company’s discretion, in the event that the Common Shares close at a price on the CSE of greater than $0.50 per Common Share for three consecutive trading days. All securities issued in connection with the Private Placement are subject to a four-month-and-one-day hold period under applicable securities laws.
The Company intends to use the proceeds from the Private Placement for the development of its crypto mining facility, marketing and for general working capital.
"This private placement will mainly be used to progress our newly acquired crypto mining facility, which we hope will add significant value to our shareholders in 2022," concluded Mr. Goodwin.
On behalf of the Company,
Bryson Goodwin,
Chief Executive Officer
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About EV Battery Tech
Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The Company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.
Contact Numbers and Emails
For further information about the Company, please visit https://www.evbattery.tech.
For further information about the Company’s Products please visit https://www.ionixpro.com.
For Investor Inquiries, please contact (236) 259-0279 or email info@evbattery.tech.
For Product or Sales Inquiries, please contact (236) 266-5174 or email sales@ionixpro.com.
All communications are managed by AlphaOne Media Group Inc.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Forward Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements relating to: the expected use of proceeds from the Private Placement; and the Company’s goal of developing its crypto mining facility. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Further risk factors are discussed in the Company’s Management Discussion and Analysis for year ended January 31, 2021.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
