Oak Ridge Energy Technologies, Inc. has announced the completion of a $3 million Subscription Agreement. Precept Fund Management SPC entered into the Agreement for and on behalf of Prescient Fund Segregated Portfolio, the principal shareholder, and Prescient Fund will receive 15 million shares of the company’s common stock under the Agreement.
“We are pleased to complete our financing,” said Mark Meriwether, Oak Ridge Energy Technologies’ Vice President. “This funding provides resources to grow and deliver new solutions to our clients as we continue to develop our state of the art batteries and battery systems.”
The investment funds will be used to significantly expand our sales and marketing efforts, as well as broaden and accelerate our product development.