Having raised additional CAD 11.4 million in funding, Eavor Technologies, Inc. will launch a technology development program in Canada, France, Norway and the United States.
In a press release, Eavor announced the receipt of total gross proceeds of CA $ 11.4 million from the exercise of share purchase warrants issued under unitary financing in 2018 and 2019. More details in the full press release below.
As part of this announcement, the company also shared plans for its technology development program in 2020.
Following the successful demonstration of Eavor-Loop ™ technology at the Eavor-Lite ™ project site near Rocky Mountain House, Alberta, the company is pleased to announce plans to test new and complementary technologies in the part of our 2020 technical development program.
The 2020 technology development program, which includes a new demonstration site (“Eavor-Long ™”), will take place at locations in Canada, France, Norway and the United States. The technologies tested and demonstrated are expected to improve capital efficiency and significantly expand the geographic areas and geologies in which Eavor-Loop ™ commercial projects can be implemented.
The combination of existing working capital and proceeds from the exercise of the early warrants should be sufficient to fully fund the 2020 technical development programs.
“I am very pleased to see the progress of our second generation technology and I look forward to the rapid and iterative tests that we are performing at multiple sites. This research and development program has the potential to significantly improve the capital efficiency of Eavor-Loop and bring it below existing mass market technologies. “, so Matt Toews, CTO of Eavor Technologies.
“This accelerated mandate funding allows Eavor to fully commit to our 2020 technology development plans. We thank our investors and partners for the solid support they have shown in exercising their warrants well before their expiration date, and as we all face the impact of COVID-19 and the uncertain financial markets. “, so John Redfern, President and Chief Executive Officer.
In Canada, Eavor has been operating the Eavor-Lite ™ pilot / demonstration project since 2019. The Eavor-Lite ™ site is available for visits by clients or investors. More information on the Eavor-Lite ™ demo site is available on our website at https://eavor.com/about/eavor-lite.
Source: Company press release