Having raised additional CAD 11.4 million in funding, Eavor Technologies, Inc. will be pushing a technology development program in Canada, France, Norway and the United States.
In a release, Eavor announced the receipt of CAD $11.4 million in aggregate gross proceeds from the exercise of share purchase warrants issued as part of Unit Financings in 2018 and 2019. Further details in the full release linked below.
As part of that announcement the company also shared plans for its technology development program in 2020.
Following the successful demonstration of the Eavor-Loop™ technology at the Eavor-Lite™ project site near Rocky Mountain House, Alberta, the Company is pleased to announce plans for the testing of new and complementary technologies under our 2020 technical development program.
The 2020 technology development program, which includes a new demonstration site (“Eavor-Long™”), will be occurring at locations in Canada, France, Norway and the United States. The technologies being tested and demonstrated are expected to enable improved capital efficiencies and significantly expand the geographic areas and geologies within which Eavor-Loop™ commercial projects may be implemented.
The combination of existing working capital and the proceeds of the early warrant exercise are expected to be sufficient to fully fund the 2020 technical development programs.
“I’m very excited to see the progress on our second-generation technology, and looking forward to the fast, iterative testing we are doing at several locations. This research and development program has the potential to drastically improve the capital efficiency of Eavor-Loop and bring it below existing mass market technologies.”, so Matt Toews, CTO of Eavor Technologies.
“This accelerated warrant funding enables Eavor to unconditionally commit to our 2020 technology development plans. We thank our investors and partners for the strong support they have shown by exercising their warrants well before their expiry date, and while all of us are coping with the impact COVID-19 and uncertain financial markets.”, so John Redfern, President & CEO.
In Canada, Eavor has been operating the Eavor-Lite™ pilot/demonstration project since 2019. The Eavor-Lite™ site is available for customer or investor tours. Further information of the Eavor-Lite™ demonstration site is available on our website at https://eavor.com/about/eavor-lite.
Source: Company release