A2Z Smart Technologies Corp. (“A2Z” or the “Company”) (TSXV:AZ)(NASDAQ:AZ), today announced a private placement (the “Offering“) of up to 2,222,223 units (the “Units“) at a price of US$1.35 (CAD$1.86) per Unit, for gross proceeds of up to CAD$4,133,333 million (the “Gross Proceeds“). Each Unit is composed of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a “Warrant“). Each Warrant entitles the holder thereof to acquire one additional common share of the Company (each a “Warrant Share“), upon payment to the Company of CAD$2.20 (US$1.60) per Warrant Share for a period of 24 months following receipt of final TSX Venture Exchange approval.
Additionally, the Company advises that certain directors and officers of the Company may participate in the Offering in an amount of up to US$750,000 (the “Insider Participation“). The Insider Participation transaction involving the Loa is considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101“). The Company expects to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the Insider Participation.
Closing of the Offering remains subject to the final approval of the TSXV.
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