EHT provides company update
NIAGARA FALLS, ON / ACCESSWIRE / June 28, 2021 / EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) (“EHT” where the “Company“), a leader in renewable energy technologies is pleased to provide an update on its ongoing acquisition of Windular Research and Technologies (“Windular“) (the “Acquisition‘) in conjunction with the Company completing a share consolidation, debt conversion and proposed financing, each as further described below. EHT is moving forward with all of these transactions and is happy to provide updates on each, below. In order to enable the acquisition to complete, EHT and Windular have agreed to extend the completion date to July 15, 2021. EHT and its advisors are working diligently to complete all transactions in this process and plan to complete the acquisition on or around July. 9, 2021.
Wind power acquisition
Windular acquisition to proceed through triangular merger under which Windular and certain special purpose shareholders of Windular (collectively the “”Holdcos‘) will merge with a wholly owned subsidiary of EHT (‘Sub-company 1‘), and all of the issued and outstanding common shares of Windular (the’Windular actions‘) held by the shareholders of Windular (other than the Holdcos) and all issued and outstanding ordinary shares of the Holdcos (the’Holdco shares‘) will be exchanged for common shares of EHT (the’EHT actions‘) on the basis of one (1) EHT Share for each nine (9) Windular Shares (except those held by Holdcos) and one (1) EHT Share for each nine (9) Holdco Shares . The merged entity will be a wholly owned subsidiary of EHT.
EHT, Windular and the shareholders of Windular and Holdco have signed a definitive business combination agreement (the “Final agreement‘) which will be used to complete the new financing and the restructuring of the Company’s debt.
Consolidation of shares
As announced on April 29, 2021, EHT completed the consolidation of shares announced on April 21, 2021 on the basis of twenty (20) old shares for one (1) new share.
EHT worked with its secured debenture holders to agree in principle to the conversion of the total of $ 21,566,843.67 into EHT shares at a deemed share price of $ 0.70 per EHT share, which resulted in the issuance of approximately 30,809,777 EHT shares. EHT faced delays related to the complexity of the transaction which led to a longer closing than expected, but with the agreements reached and the corresponding documents being finalized, the debt conversion, a condition for the achievement of the Acquisition, should be completed at the same time as the Acquisition.
As announced on May 12, 2021, the Company will complete a brokered private placement of subscription receipts (the “Subscription Receipts”) at a price of $ 0.70 per subscription receipt (the “Offer”). The placement is being made by Canaccord Genuity Corp. as the Principal Agent (the “Principal Agent”) on behalf of a syndicate of agents which may be formed (together with the Principal Agent, the “Agents”) to offer the Subscription Receipts for sale on the basis of an agency “best efforts”.
About EnerDynamic Hybrid Technologies
EHT provides exclusive turnkey energy solutions that are smart, bankable and sustainable. EHT’s expertise includes the development of its ENERTEC module structures with full integration of smart energy solutions. Using a proprietary skin and foam core that is stronger than traditional wood or steel structural insulation boards, EHT delivers exceptional thermal energy efficiency in modular homes, cold stores, residential / commercial buildings and emergency shelters / temporary. EHT works with partners around the world to erect buildings on site using EHT staff and local teams. In addition to traditional support for established electrical networks, ENERTEC buildings excel where there is no electrical network.
EHT’s advanced ENERTEC modular roof and wall system uses a proprietary skin and foam core that is stronger and more energy efficient than traditional wood or steel structures, offering the highest energy efficiency ratings. EHT works with partners around the world to erect buildings on site using EHT staff and local teams. After installation, each structure can be furnished and finished to meet customer requirements, including cladding, tiles, kitchens and bathrooms or separate commercial rooms. The finished wall product can be shipped on pallets and delivered by train, truck or water in standard sizes. At the heart of the ENERTEC product range is the integrated ENERTEC solar roof module. Solar cells can be integrated into a proprietary flame retardant skin, resulting in substantial savings by eliminating the heavy glass panels and aluminum shelving required for traditional solar panels. Two barriers to further solar adoption are the weight limitations of the roof on which the solar panels could be deployed and the onerous shipping and labor costs. A lighter product at a better price will open up a larger market for solar power due to the faster return of capital investments, especially for rural and remote users looking to disconnect from the grid. In addition, the whole EHT integrated solar roof becomes a massive solar panel capable of producing much more energy than the house needs, allowing the structure to then become an important energy source for the micro- local network or large battery storage systems.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this document that are not historical facts are forward-looking statements. Forward-looking information relating to the sales of products (the “Opportunities”) involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, for the Opportunities to differ materially from those expressed. or implied by these forecasts. – seeking information. Although EHT believes that the assumptions used in preparing forward-looking information about the opportunities described in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given that such events will occur within the disclosed time frame or not at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
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SOURCE: EnerDynamic Hybrid Technologies Corp.
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