A2Z Smart Technologies Corp. (“A2Z” or the “Company”) (TSXV:AZ)(NASDAQ:AZ), today announced that further to its most recent press release (October 24, 2022), it has increased the private placement (the “Offering“) from a total of up to US$3 million to a total of up to US$5 million (the “Gross Proceeds“) for an aggregate issuance of up to 3,703,704 units (the “Units“) at a price of US$1.35 (CAD$1.86) per Unit. 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.
About A2Z Smart Technologies Corp
A2Z Smart Technologies Corp. creates innovative solutions for complex challenges. A2Z’s flagship product is the world’s first proven-in-use mobile self-checkout shopping chart. With its user-friendly smart algorithm, touch screen, and computer-vision system, Cust2Mate streamlines the retail shopping experience by scanning purchased products and enabling in-cart payment so that customers can simply “pick & go”, and bypass long cashier checkout lines. This results in a more efficient shopping experience for customers, less unused shelf-space and manpower requirements, and advanced command and control capabilities for store managers.
