The Qualifying Expenditures will be incurred on or before December 31, 2022 and will be renounced by the Company to the subscribers with an effective date no later than December 31, 2021 to the initial purchasers of the Offered Securities in an aggregate amount not less than the gross proceeds raised from the issue of the Offered Securities.
Echelon will receive a cash commission at $0.60 per unit for a period of 3 years from the Closing Date.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct.