VRB Power finalizes terms of financing5 July 2005
VRB Power Systems Inc. (TSX-V: VRB) ("VRB Power" or the "Company") is pleased to announce that pursuant to the press release dated June 28, 2005, the Company has finalized the terms of the
financing to include the issuance of 14,167,000 shares at a price of $0.72 CAD
per share for gross proceeds of $10,200,240 CAD.
Commissions will be paid to the members of the syndicate, based on the
gross proceeds, including 6.5% cash and 5% special broker's warrants, with
each warrant entitling the holder thereof to purchase one common share at a
price of $0.80 per share for a period of 18 months from the closing date.
Closing is anticipated to occur on or about July 12, 2005 and is subject
to the approval of the TSX Venture Exchange.
About VRB Power
Based in Vancouver, B.C. Canada, VRB Power is an electrochemical energy
storage company that has commercialized the patented Vanadium Redox Battery
Energy Storage System ("VRB-ESS") and has acquired the intellectual property
rights comprising the Regenesys Energy Storage System ("RGN-ESS"). Both
technologies represent a new enabling capability to effectively store
electricity on demand. They can provide direct economic benefits to utilities
and end users in terms of improved power quality, reliability and energy
efficiency. They are particularly well suited to load levelling (peak
shaving), electrical power arbitrage, grid stability enhancements, capital
deferment and Remote Area Power Supply (RAPS) applications. The company is
primarily focused on stationary power sources such as utility substations,
commercial buildings, production facilities, telecommunication operations,
cellular radio sites, and renewable resource generation such as wind farms -
creating the ability to provide "firm" capacity. As a "green" technology, the
VRB-ESS is characterized by having a low ecological impact and is unlike most
other conventional energy storage systems that rely on toxic substances such
as lead, zinc or cadmium. VRB Power is publicly listed on the TSX Venture
Exchange ("VRB") and the OTC Pinksheets ("VRBPF").
Warning: The Company relies upon litigation protection for
"forward-looking statements"
"The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release"
Vince Sorace
President, VRB Power Systems Inc.
Source: Canada NewsWire
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