A2Z Smart Technologies Announces Escrow Closing of CAD$1.8 million Private Placement

Rhea-AI Summary

A2Z Smart Technologies Corp has announced the conditional closing of a private placement financing, generating CAD$1.8 million in gross proceeds, which are currently held in escrow. This financing involved 663,298 units priced at CAD$2.72 per unit. Each unit consists of one common share and one share purchase warrant, allowing the purchase of additional shares at CAD$3.68 per share for 24 months. The company has a total of 1,726,408 units yet to be issued, pending final approval from the TSX Venture Exchange.

Positive

• Successfully closed CAD$1.8 million in a private placement financing.
• Total of 663,298 units sold at CAD$2.72 per unit, indicating strong market interest.
• Opportunity for investors to purchase additional shares at CAD$3.68 through warrants.

Negative

• None.

TEL AVIV, ISRAEL / ACCESSWIRE / April 9, 2021 / A2Z Smart Technologies Corp. ("A2Z" or the "Company") (TSXV:AZ) (OTCQB:AAZZF), an innovative technology company specializing in state-of-the-art automation and electronics technology, today announced that it has, in connection with a private placement financing (the "Financing") conditionally approved by the TSX Venture Exchange ("TSXV"), closed CAD$1.8 million of gross proceeds (the "Gross Proceeds") into escrow.

The Gross Proceeds represent subscriptions for 663,298 units (the "Units") at a price of CAD$2.72 per Unit. Each Unit is composed of one common share of the Company and one common share purchase warrant (the "Warrant"). Each whole 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$3.68 per Warrant Share for a period of 24 months following receipt of final TSXV approval.

Pursuant to the TSXV's conditional approval there remain an additional 1,726,408 Units available for issuance.

Closing of the Financing, including release of the Gross Proceeds from escrow, are subject to the final approval of the TSXV.

For additional information, please visit: https://a2zas.com

Twitter: @a2z_advanced
Instagram: a2z_smart_tech

On Behalf of the Company,

Bentsur Joseph, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer: The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere. These securities have not been, and will not be, registered in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

SOURCE: A2Z Smart Technologies Corp.

View source version on accesswire.com:
https://www.accesswire.com/639575/A2Z-Smart-Technologies-Announces-Escrow-Closing-of-CAD18-million-Private-Placement

FAQ

What was the total amount raised by A2Z Smart Technologies in the recent financing?

A2Z Smart Technologies raised CAD$1.8 million in gross proceeds from the recent financing.

How many units were sold in A2Z Smart Technologies' private placement?

A total of 663,298 units were sold in A2Z Smart Technologies' private placement.

What is the price per unit for A2Z Smart Technologies' financing?

Each unit was priced at CAD$2.72 in A2Z Smart Technologies' financing.

What price can warrant holders purchase additional shares for in A2Z Smart Technologies?

Warrant holders can purchase additional shares at CAD$3.68 per share.

How many additional units are available for issuance after the private placement by A2Z Smart Technologies?

There are 1,726,408 additional units available for issuance after the private placement.