OTTAWA, ON / ACCESSWIRE / October 16, 2024 / Braille Energy Systems Inc. (TSX.V:BES; the "Company") is pleased to announce a private placement financing of 3,333,333 units ("Units") at a price of $0.09 per Unit for aggregate gross proceeds of $300,000 (the "Offering") and the closing of the first tranche of the Offering of 1,111,111 Units for aggregate gross proceeds of $100,000 (the "First Tranche Closing").
Each Unit consist of one common share (a "Common Share") in the capital of the Company and one non-transferable common share purchase warrant (each whole warrant, a "Warrant") of the Company. Each whole Warrant will entitle the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.15 for a period of 24 months from each closing of the Offering (a "Closing Date"). If at any time after the four (4) months hold period noted below, the trading price of the Company's shares on the TSX Venture Exchange ("TSX-V") is equal to or exceeds CAD$0.35 for 10 consecutive trading days, as evidenced by the price at the close of market, the expiry date may be accelerated by the Company providing notice to the holders of the Warrants, and upon receipt of such notice, the holders shall have 30 days to exercise the Warrants (the "Warrant Accelerator").
The Company paid a finder's fee of $5,000 cash and issued 55,556 warrants ("Broker Warrants") on the First Tranche Closing. Each Broker Warrant will entitle the finder to acquire one Common Share at an exercise price per Common Share of $0.15 for a period of 24 months from the date of issuance. The Broker Warrants are subject to the Warrant Accelerator. The Company may pay a finders' fee of up to 5% cash and Broker Warrants on the balance of the Offering.
The balance of the Offering may close in one or more additional tranches. The Offering is subject to certain conditions including the final approval of the TSX-V. The Units will be sold on a private placement basis relying on the "accredited investor" exemption or other available and agreed upon exemptions from prospectus requirements. The Units, including all underlying securities thereof, have a hold period of four months and one day from the date of issue.
The net proceeds of this financing will be used to maintain the Company's existing operations and general working capital requirements.
The Company also announces that the shareholders approved the Company's amended 20% fixed equity incentive plan at the annual and special meeting of the shareholders held on August 29, 2024. The amended plan was approved by the board of directors on July 16, 2024. The amended plan increases the number of options available to be issued to eligible optionees to 18,742,007 and permits the Board to issue Restricted Share Units to eligible recipients.
A copy of the plan was appended to the Company's Information Circular dated July 16, 2024 and is available under the Company's profile on SEDAR+.
The amended plan is subject to TSX-V approval.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Braille Energy Systems Inc.
Braille Energy Systems Inc. holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery- manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Braille Energy Systems (BESI) will expand its market penetration into a wider range of market segments that require lightweight, high-performing energy solutions, using the most scientifically advanced materials. For additional information about BESI and Braille Battery products, please visit our website at: www.brailleenergy.com or www.braillebattery.com .
This News Release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business and operations and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this News Release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
