Battery developer Zinc8 Energy Solutions raises USD 2m

Zinc-air batteries developer Zinc8 Energy Solutions Inc (CNSX:ZAIR) has raised gross proceeds of CAD 2.82 million (USD 2m/EUR 1.95m) through a non-brokered private placement so it could cover working capital expenditures.

The company announced the closing of the transaction on Thursday, saying that it issued an aggregate of 14.1 million units, each consisting of one common share and one non-transferable share purchase warrant, at a price of CAD 0.20 per unit.

Zinc8 Energy Solutions is engaged in the development and commercialisation of a long-duration modular energy storage system for the utilities, microgrid, and commercial and industrial (C&I) markets. Its systems are designed to deliver power in the range of 20 kW to 50 MW for at least eight hours.

The firm said it will spend the proceeds from the issuance on operating expenses, research and development (R&D) activities, pursuing the advancement of its business plan, salaries and wages, investor relations and marketing fees, and professional fees.

(CAD 1 = USD 0.736/EUR 0.693)

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