ZAIRF - ABOUND Closes First Tranche of its Unit Offering
(TheNewswire)
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VANCOUVER, BC – TheNewswire - July 18,2024 / ABOUND Energy Inc. (“ ABOUND ” or the“ Company ”) ( CSE : ABND) (OTCPINK: ZAIRF) (FSE: 0E9) pursuant to ABOUND’s news releases datedJuly 9,2024 and July 11, 2024, the Company is pleased to report thatit has closed the first tranche of its Offering,issuing a total of 3,717,830 Units raising gross proceeds of$371,783. Each Unit consisted of one (1)common share of the Company and one (1) share purchase warrant (the" Warrants "). Each Warrant being exercisable to acquire oneadditional common share at an exercise price of $0.20 per share for aperiod of one (1) year from the date of closing of the Offering. Allsecurities issued are subject to a hold period until November 17,2024.
The net proceeds of the Offering will be used forworking capital expenditures including operating expenses, payment ofaccounts payable, research and development, pursuing advancement ofthe Company's business plan, salaries and wages, and professionalfees.
In connection with the Private Placement, JasonBirmingham and Keith Morlock, both directors and officers of theCompany, Simon Fan, a director of the Company, and Swapan Kakumanu, anofficer of the Company purchased a total of 820,000 Units. Theissuance of Units to Mr. Birmingham, Mr. Morlock, Mr. Fan, Mr.Kakumanu constitutes a "related party transactions" asdefined under Multilateral Instrument 61-101 (" MI 61-101 "). Thesubscriptions are exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101 as neither the fairmarket value of any securities issued or the consideration paid bysuch persons exceed 25% of the Company’s marketcapitalization.
The second tranche of the Offering is expected to closeby July 26, 2024.
About ABOUND Energy Inc.
ABOUND specializes in developing scalable,environmentally friendly, long-lasting energy technology. Our patentedZaeras™ long-duration energy storage technology, leveraging zinc-airchemistry, guarantees the storage and on-demand delivery ofelectricity without the limitations or environmental risks associatedwith current market leaders.
About ABOUND’s Zaeras™Technology
Zaeras™ is precision-engineered to meet future energyrequirements, with a specific emphasis on simplifying long-durationenergy storage. Harnessing the potential of its multi-patentedZaeras™ technology, ABOUND is poised to facilitate the seamlessintegration of green energy sources into the grid. This is achieved byminimizing curtailment, bridging the gap between supply and demand,and efficiently integrating green energy into the grid. ABOUND'sstrategic initiatives encompass opportunities for peak demandreduction, leveraging time-of-use arbitrage, participating in valuestacking programs, and entering the distributed long-duration energystorage sector. These endeavors are aligned with our central objectiveof increasing the integration and resiliency of green energy, whilestabilizing the grid.
Distinguished by its inherent safety—free from fireor explosion hazards—Zaeras™ guarantees sustained capacity over anextensive lifecycle. Simultaneously, it showcases versatility byindependently managing charge and discharge operations. Comparable toother Flow Battery technologies, scaling up the energy capacity ofZaeras™ is as simple as increasing the size of the fuel tank; acost-effective solution, from kWh to MWh . This isa welcome alternative to the fixed power-to-energy ratio constraintsingrained in traditional systems, such as Li-ion and Zinc HybridBatteries.
To learn more about ABOUND’s technology, pleasevisit: https://Abound.Energy
For more information pleasecontact:
Jason Birmingham, CEO
Email: Investors@Abound.Energy
Ph: +1 (672) 887-9688
Notice Regarding Forward LookingStatements
This news release may contain certain “forwardlooking statements.” Forward-looking statements involve known andunknown risks, uncertainties, assumptions, and other factors that maycause the actual results, performance, or achievements of the Companyto be materially different from any future results, performance orachievements expressed or implied by the forward-looking statements.Any forward-looking statement speaks only as of the date of this newsrelease and, except as may be required by applicable securities laws,the Company disclaims any intent or obligation toupdate any forward-looking statement, whether asa result o f new information , future events, or results or otherwise.
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