CELLCUBE ENERGY STORAGE SYSTEMS INC. (CSE:CUBE) (OTCQB: CECBF) (FSE: 01X) (WKN: A2JMGP ) is pleased to announce it has closed the initial tranche of its previously announced fully subscribed non-brokered private placement financing (see news release dated October 16, 2018) by issuing a total of 12,666,337 units at a price of $0.15 per unit for gross proceeds of $1,899,949.95. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant exercisable at a price of $0.30 for a period of 36 months.

The Company has already received sufficient interest from individuals to complete the $4 million financing and the approximately $1 million over allotment.

All securities issued pursuant to the first tranche of the Private Placement are subject to a four month hold period from the date of issue. Closing of the initial tranche of the Private Placement is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange.

The common shares issued under the Private Placement will also be eligible to receive the share dividend to be distributed upon the spin-out of the Company’s vanadium resource assets, as previously announced (see news release dated June 28, 2018), and with a record date of January 4, 2019.

Finder’s fees payable on the Private Placement, consisting of (i) a fee equal to 6% of the gross proceeds of the Private Placement placed by the finders, and (ii) the issuance of non-transferable share purchase warrants equal to 6.0% of one half of the common shares placed by the finders, will also be issued by the Company.

The proceeds of the initial tranche of the Private Placement will be used for general working capital purposes.

About CellCube Energy Storage Systems Inc.

CellCube is a Canadian public company listed on the Canadian Securities Exchange  the OTCBB and the Frankfurt Exchange focused on the fast-growing energy storage industry which is driven by the large increase in demand for renewable energy.

CellCube supplies vertically integrated energy storage systems to the power industry and recently acquired the assets of Gildemeister Energy Storage GmbH, now Enerox GmbH the developer and manufacturer of CellCube energy storage systems. CellCube recently acquired EnerCube Switchgear Systems (formerly Jet Power and Controls Ltd.) and Power Haz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.) and has also invested in an online renewable energy financing platform, Braggawatt Energy Inc.

CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has over 130 project installations and a 10 year operational track record. Its highly integrated energy storage System solutions features 99% residual energy capacity after 11,000 cycles with the focus on larger scale containerized modules. Basic building blocks consist of a 250kW unit family with 4, 6 and 8 hours variation in energy capacity.