CellCube Energy Storage Systems Inc. (the "Company") (CSE CUBE) (OTCQB CECBF) (Frankfurt 01X, WKN A2JMGP) is pleased to announce it has closed a third tranche of its previously announced fully subscribed non-brokered private placement financing (the "Private Placement") (see news release dated October 16, 2018) by issuing a total of 4,754,200 units (each, a "Unit") at a price of $0.15 per unit for gross proceeds of $713,130. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant exercisable at a price of $0.30 for a period of 36 months.
The Company has already received sufficient interest from individuals to complete the $4 million financing and the approximately $1 million over allotment.
All securities issued pursuant to the Private Placement are subject to a four month hold period from the date of issue. Closing of the third tranche of the Private Placement is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange.
The common shares issued under the Private Placement will also be eligible to receive the share dividend to be distributed upon the spin-out of the Company's vanadium resource assets, as previously announced (see news release dated June 28, 2018).
Finder's fees payable on the Private Placement, consisting of (i) a fee equal to 6% of the gross proceeds of the Private Placement placed by the finders, and (ii) the issuance of non-transferable share purchase warrants equal to 6.0% of one half of the common shares placed by the finders, will also be issued by the Company.
The proceeds of the third tranche of the Private Placement will be used for general working capital purposes.
CellCube Energy Storage Systems | http://www.cellcubeenergystorage.com