Zinc8 Energy Solutions Inc (CSE:ZAIR) (OTCMKTS:MGXRF) (FRA:0E9) said it has elected Charn Deol and Sean Charland to the company’s Board of Directors at Zinc8 Energy’s Annual General and Special Meeting of Shareholders held on December 16, 2020.
The company also announced that during the past 12 months a “significant” number of its outstanding warrants were exercised from previous private placements, providing Zinc8 with more than $3 million in gross proceeds.
“We've added some bench strength to the Board of Directors as the company continues with the development of its long duration energy storage solution,” Zinc8 Energy Solutions CEO Ron MacDonald said in a statement.
READ: Zinc8 Energy Solutions is developing a unique low-cost battery and gaining traction amid changing energy landscape
He added: “Both Charn and Sean are great additions and their experience in the public markets will be a valuable resource for the company.”
Zinc8 noted that its shareholders also approved the company's recommended slate of directors for the board, including two existing directors Ron Macdonald and Dave Hodge, while adding that Michael Reimann did not stand for re-election.
MacDonald also commented on the warrant proceeds, stating: “The warrant exercises strengthen our cash position and show a vote of confidence for the company's future prospects,”
He added: “We look forward to advancing our objectives and continued success in 2021.”
As a result of the exercised warrants, the company's total shares outstanding are now approximately $108 million.
Zinc8 has developed innovative battery technology that uses zinc and air as fuel. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles combine with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
Zinc8’s ESS is a long-duration (8-plus hours) energy storage solution, which the company says is made of safe, low-cost materials with a unique architecture that allows to extend the system's storage capacity with a minimal marginal cost.
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