NIAGARA FALLS, ON / ACCESSWIRE / February 5, 2020 / Further to its press release dated September 3, 2019, EnerDynamic Hybrid Technologies Corp. ("EHT" or the "Company") (EHT.V) announces that it has settled $150,000 of certain existing debt in exchange for the issuance of up to 3,000,000 units of the Company ("Units") at a deemed price of $0.05 per Unit (the "Securities for Debt Transaction").
Each Unit consists of 1 common share in the capital of the Company (each a "Common Share") and 1 share purchase warrant of the Company (each a "Warrant"). Each Warrant entitles the holder thereof to acquire 1 Common Share at a price of $0.07 per Common Share at any time prior to 5:00 p.m. (Eastern Standard Time) on the date that is 36 months following the date of issuance, provided that in the event that, during the period following 4 months and a day after the date of issuance, the trading price of the Common Shares exceeds $0.15 per Common Share for 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants to the date that is 30 calendar days after the date on which the Company issues notice to all holders of Warrants of the new accelerated expiry date.
The Company's decision to enter into the Securities for Debt Transaction is intended to preserve its existing cash balances.
All securities issuable in connection with the Securities for Debt Transaction will be subject to statutory hold periods of 4 months and 1 day from the date of issuance in accordance with applicable securities law legislation. The Securities for Debt Transaction remain subject to the approval of the TSX Venture Exchange.
EHT is also pleased to announce that it has granted 13,500,000 incentive stock options under its stock option plan to directors, officers and consultants. The stock options are exercisable for a period of five (5) years at an exercise price of $0.05 per share subject to approval by the TSX Venture Exchange.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. 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 any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. Most energy products and solutions can be implemented immediately wherever they are needed. EHT stands above its competitors by combining a full suite of solar PV, wind and battery storage solutions, which can deliver energy 24 hours per day in both small-scale and large-scale format. In addition to traditional support to established electrical networks, EHT excels where no electrical grid exists. The organization supplies advanced solutions for various industries in combination with energy saving and energy generation solutions. EHT's expertise includes the development of module structures with full integration of smart energy solutions. These are processed through EHT's production technologies into attractive applications: modular homes, cold storage facilities, schools, residential and commercial out buildings and emergency/temporary shelters.
Neither 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.
The statements herein that are not historical facts are forward‐looking statements. Forward-looking information involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks related to the completion of all approvals from applicable regulatory authorities and the completion of final debt settlement agreements in respect of the Shares for Debt Transaction. Although EHT believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or 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.
FOR FURTHER INFORMATION. PLEASE CONTACT:
Company Website: www.ehthybrid.com
Company Website: www.ehthybrid.com
SOURCE: EnerDynamic Hybrid Technologies Corp.
View source version on accesswire.com: