Business
Eguana Announces C$33.0 Million Strategic Investment by ITOCHU Corporation and Provides Update on US$5 Million Second Tranche Loan from Western Technology Investment
Eguana Announces C$33.0 Million Strategic Investment by ITOCHU Corporation and Provides U...
About this update from Eguana Technologies Inc
[{"type":"text","content":"\n \n \n \n Eguana Announces C$33.0 Million Strategic Investment by ITOCHU Corporation and Provides Update on US$5 Million Second Tranche Loan from Western Technology Investment\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Aug. 26, 2022\n \n \n /CNW/ - Eguana Technologies Inc. (\"\n \n Eguana\n \n \" or the \"\n \n Company\n \n \") (TSXV: EGT) (OTCQB: EGTYF) is pleased to announce a strategic investment by the ITOCHU Corporation (\"\n \n ITOCHU\n \n \") of\n \n C$33 million\n \n in the form of an unsecured convertible debenture (the \"\n \n Debenture\n \n \") of the Company convertible into common shares of the Company (the \"\n \n Common Shares\n \n \") at a conversion price of\n \n C$0.50\n \n per share on the terms detailed below.\n \n \n \n \n \n \n \n \n \n ITOCHU's investment is expected to expand the two companies' long-term relationship and significantly increase Eguana's immediate access to working capital to achieve business growth objectives globally.\n \n \n \"ITOCHU, a key partner of Eguana for many years, remains at the global forefront of the renewable energy transition with expertise and access throughout the entire renewables supply chain\" commented Eguana CEO\n \n Justin Holland\n \n . \"Growth capital of this magnitude will allow us to accelerate key inventory investments across all product lines and expedite Eguana Cloud and battery module/battery management system development.\"\n \n \n Use of proceeds from the financing will be allocated to fund working capital and general corporate expenditures of the Company. The financing is subject to other customary conditions and applicable regulatory approvals, including approval by the TSX Venture Exchange (the \"\n \n TSXV\n \n \"). The financing is expected to close on or around\n \n August 31, 2022\n \n (the \"\n \n Closing Date\n \n \"). All securities issued pursuant to the financing will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws.\n \n \n In addition...