Key Operational Highlights:
- Increase in growth for the 6 months ending March 31, 2021 versus the year ago period and increase in current financial position
- BESI announced the closing of its non-brokered private placement of 6,300,000 units of the Company at a price of $0.32 per Unit for aggregate gross proceeds to the Company of $2,016,000
- Sarasota Facility expansion
- Update on VAULTA (Battery Graphene Corp Pty Ltd.) partnership
- Braille Battery receives initial PO from Unplugged Performance
OTTAWA, ON / ACCESSWIRE / July 13, 2021 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSX-V:BES) ("BESI" or the "Company"), is pleased to provide the following operational update:
- BESI achieved an 11.2% increase in year-over-year revenue growth for the 6 months ending March 31st, 2021. "Given the Global Supply Chain challenges that led to delays in receiving components as well as delays in domestic supplies of AGM Batteries, we are quite pleased with the results," said Lindsay Weatherdon, President and CEO of BESI. "We are taking appropriate measures to ensure we have proper inventory of components to meet the current and future growth of the business."
- The Company continues to possess a strong cash balance with a cash position of $3.9M.
- Braille Battery Sarasota Operations are currently undergoing a plant expansion and upgrade to meet current and future demands especially around the launch of the F31 Fleet-Lite Battery. We anticipate the expansion to be completed by the end of August 2021.
- On May 10, 2021, BESI announced an MOU with VAULTA (Battery Graphene Corp Pty Ltd). "We have been working very closely with the team at VAULTA and are in the prototyping stage with the goal to have commercial sample product to test with existing customers in the near future. We are very excited about the potential to bring innovation to the battery case industry for both ease of assembly and end of life recycling," said Lindsay Weatherdon.
- Further to the press release dated March 1, 2021, Braille Battery is pleased to announce that it has received its first Purchase Order from Unplugged Performance for its lightweight 12 V Lithium Battery which will initially be going into Tesla Model 3 and Model Y modified by Unplugged Performance. "Coming off a win at this years Pike's Peak Climb, we are excited about the future collaboration with the team at Unplugged Performance," commented Mr. Weatherdon.
Non-Brokered Private Placement
The Company announced today the closing of the final tranche of the previously-announced non-brokered private placement (the "Offering") for gross proceeds of $516,000, of which $100,000 has closed conditionally, subject to TSX Venture Exchange approval of the creation of Grafoid Inc. as a new Insider of the Company. These amounts are in addition to the gross proceeds of $1,500,000 raised in the first tranche of the Offering as disclosed in the news release dated June 11, 2021. The Company issued 1,612,500 units (the "Units") at a price of $0.32 per Unit. Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant") of the Company. Each whole Warrant shall entitle the holder thereof to purchase one Common Share (a "Warrant Share") at a price of $0.50 per Warrant Share for a period of 24 months from the date of issue.
In connection with the closing of the Offering, the Company paid cash finder's fees totaling $15,120 and issued 47,250 non-transferable finder's warrants (the 'Finders Warrants'). Each Finders Warrant entitles the holder to acquire one (1) common share of the Company at a price of $0.50 per common share until July 12, 2023.
The Common Shares, Warrants, Warrant Shares, and Finders Warrants will have a hold period of four months and one day expiring November 13, 2021.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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.brailleenergysystemsinc.com or www.braillebattery.com.
Neither 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.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Braille Energy Systems Inc. Investor Contacts:
Scott Anderson
Investor Relations
(858) 229-7063
sanderson@nextcap-ir.com
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@mincomcapital.com
SOURCE: Braille Energy Systems Inc.
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https://www.accesswire.com/655325/Braille-Energy-Systems-Inc-Provides-Operational-Update-and-Announces-Closing-of-Private-Placement
