ZAIRF - ABOUND Energy Solutions Announces Private Placement to Raise Gross Proceeds of up to $1500000
(TheNewswire)
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VANCOUVER, BC / TheNewswire / February 14, 2024 / ABOUND Energy Inc. (“ ABOUND ” or the “ Company ”) (CSE:ABND) (OTC:ZAIRF) (FSE:0E9) is pleased to announce that it intends toundertake a non-brokered private placement consisting of the issuanceof up to 4,285,714 units (each, a “ Unit ”) at a priceof $0.35 per Unit to raise aggregate gross proceeds of up to$1,500,000 (the “ Offering “). Each Unit will consist of onecommon share of the Company (the “ Share ”) andone-half of a common share purchase warrant (the “ Warrant ”). Eachwhole Warrant will be exercisable for a period of two (2) years fromthe closing date (the “ Term ”) and will be transferable; each wholeWarrant will entitle the holder to purchase one (1) additional Sharein the capital of the Company at an exercise price of $0.50 per Shareduring the Term of the Warrants. In the event that the Shares trade onthe Canadian Securities Exchange (the “ Exchange ”) at aclosing price of greater than $0.75 per Share for a period of ten (10)consecutive trading days, then the Company may deliver a notice (the“ Notice ”) to the Purchaser notifying such Purchaser that theWarrants must be exercised within thirty (30) days from the date ofdelivery of such Notice, otherwise the Warrants will expire at 4:00p.m. (Vancouver time) on the thirty-first (31 st ) day after thedate of delivery of the Notice.
The Company anticipates that the net proceeds of theOffering will be used for working capital expenditures includingoperating expenses, payment of accounts payable, research anddevelopment, pursuing advancement of the Company's business plan,salaries and wages, and professional fees. Finder's fees and/orcommissions may be paid in connection with that funding. This newsrelease is for information purposes only and does not constitute anoffer to sell or a solicitation of an offer to buy any securities ofthe Company in any jurisdiction.
All securities issued pursuant to the Offering will besubject to a hold period of four (4) months and a day from the closingdate in accordance with securities laws. Any participation by insidersin the Offering will constitute a related party transaction underMultilateral Instrument 61-101 – Protection of Minority Security Holders inSpecial Transactions (“ MI 61-101 ”) but isexpected to be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101. The closing of thisOffering remains subject to several conditions including receipt ofsubscriptions and regulatory approval, if required.
The Company does not intend to obtain securityholderapproval for the Offering in reliance on the exceptions outlined insection 4.6(2)(b) of Policy 4 of the Exchange. Further to theCompany’s news release dated September 18, 2023, the Company needsadditional funding to finance its operations and without suchfinancing its ability to continue as a going concern is at risk. Theindependent directors of the Company have determined that promptcompletion of the Offering is in the best interests of the Company,and that it is not feasible to obtain securityholder approval for theOffering in a timely manner given the Company’s circumstances.
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, kWh to MWh. This is a welcome alternative tothe fixed power-to-energy ratio constraints ingrained in traditionalsystems, such as Li-ion and Zinc Hybrid Batteries.
To learn more about ABOUND’s technology, pleasevisit: https://Abound.Energy
For more information pleasecontact:
Jason Birmingham, President and 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 to update anyforward-looking statement, whether as a result of new information,future events or results or otherwise.
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