VANCOUVER, BC / ACCESSWIRE / February 10, 2020 / MGX Renewables Inc., DBA Zinc8 Energy Solutions (the "Company") (CSE:MGXR)(FSE:0E9, Financial)(OTCPINK:MGXRF)is pleased to announce that it has completed its previously announced non-brokered private placement (the "Private Placement"), as described in its News Release dated January 21, 2020, pursuant to which it has issued an aggregate of 27,879,513 units (each, a "Unit") at a price of $0.11 per Unit for gross proceeds of $3,066,746.43.
Each Unit consists of one (1) common share and one non-transferable share purchase warrant (each a "Warrant"). The Warrants are exercisable for a period of two (2) years at a price of $0.155 in the first year from the date of issuance and at a price of $0.40 for the balance of the term.
The Company paid finder's fees of $186,893 and issued 632,887 share purchase warrants to certain finders in connection with the Private Placement.
All securities issued in respect of the Private Placement will be subject to a hold period of four (4) months and a day from closing of the Private Placement in accordance with securities laws.
The proceeds of the Private Placement will be used for general working capital.
About Zinc8 Energy Solutions
Zinc8 Energy Solutions has assembled an experienced team to execute the development and commercialization of a dependable low-cost zinc-air battery. Zinc-air batteries can be ideal for mass storage systems and offer both environmental and safety benefits. Zinc8 Energy Solutions strives to meet the growing need for secure and reliable power.
To watch a short video outlining Zinc8 Energy Solutions' technology, please visit: https://zinc8energy.com
More about The Zinc8 Energy Storage System (ESS)
The Zinc8 ESS is a modular Energy Storage System designed to deliver power in the range 20kW - 50MW with capacity of 8 hours of storage duration or higher. With the advantage of rechargeable zinc-air flow battery technology, the system can be configured to support a wide range of long-duration applications for microgrids and utilities. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium-ion battery.
Technology
The Zinc8 ESS is based upon unique patented zinc-air battery technology. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
Applications
The flexibility of the Zinc8 ESS enables it to service a wide range of applications. Typical examples include:
• Smoothing energy derived from renewable sources such as wind and solar
• Commercial/Industrial backup replacing diesel generators
• Industrial and grid scale, on-demand power for peak shaving and standby reserves
