Energia
CellCube Arranges $10 Million Convertible Debenture Financing
The Company may force conversion of the aggregate principal amount of the then outstanding Debentures on not less than 30 days' notice should the daily volume weighted average trading price of the common shares be greater than $0.60 for any 21 consecutive trading days.
The Debentures will be secured by a pledge over the securities of ENEROX GmbH, the Austrian subsidiary of the Company. This Debenture is subject to contractual (see press releases April 6, 2018 and May 15, 2019 ) and regulatory approval.
"This funding combined with a significant ramp up of sales and revenue during 2019 will ensure a very strong capital base over the next couple years," states Stefan Schauss , CEO of CellCube. "Further, we were not in favor of any further equity dilution to our shareholders at current levels as we don't believe the current share price reflects the true value of the company. We will be working very hard over the coming quarters to better reflect the true value as one of the very few proven global leaders in energy storage and large scale grid storage for the adapting world."
CellCube is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and the Frankfurt Exchange (Symbol 01X, WKN A2JMGP) focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry under the subsidiary company, Enerox GmbH, the developer and manufacturer of CellCube energy storage systems. CellCube's other related subsidiaries are EnerCube Switchgear Systems and Power Haz Energy Mobile Solutions Inc. The Company has also invested in an online renewable energy financing platform, Braggawatt Energy Inc.
CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has over 136 project installations and a 10 year operational track record. Its highly integrated energy storage system solutions features 99% residual energy capacity after 11,000 cycles (cycling daily for 28 years) and larger scale containerized modules. Basic building blocks consist of a CellCube unit family with 4, 6 and 8 hours variation in energy capacity.
On Behalf of CellCube Energy Storage Systems Inc.,
Stefan Schauss , CEO
Glenda Kelly , Investor Communications
Glenda Kelly , Investor Communications
Telephone: 1-800 882-3213
Email: info@cellcubeenergystorage.com
www.cellcubeenergystorage.com