EnerSpar Corp. announced a non-brokered private placement of 5,000,000 subscription receipts at a price of CAD 0.80 per receipt for gross proceeds of CAD 4,000,000 on January 18, 2022. Each subscription receipt will be automatically converted, without payment of any additional consideration and without further action on the part of the holder thereof, for one unit of the company. Each unit consists of one post-consolidation share and one warrant of the company, with each such warrant being exercisable into one post-consolidation Share at a price of CAD 1.20 for a period of 24 months following the closing of the proposed transaction. All subscription receipts are held in escrow till the completion of the transaction. The exchange of subscription receipts will be conditional upon the satisfaction of certain escrow release conditions including the completion of the proposed transaction and the receipt of all corporate, regulatory, and TSX Venture Exchange approvals relating to the proposed transaction.