A2Z Smart Technologies Announces Escrow Closing Of Units, reaching a total of CAD$9.2 million

Rhea-AI Summary

A2Z Smart Technologies Corp has conditionally closed a second tranche financing of CAD$7.4 million, adding to a previous CAD$1.8 million. This financing involved 2,713,042 units sold at CAD$2.72 per unit, which includes one common share and one warrant per unit. The warrants allow the purchase of additional shares at CAD$3.68 each for 24 months. A finder’s fee may reach 7% of the proceeds. The financing awaits final approval from the TSX Venture Exchange.

Positive

• Successfully closed a second tranche financing of CAD$7.4 million.
• Increased total financing to CAD$9.2 million.
• Units sold at CAD$2.72 with potential for share growth via warrants.

Negative

• None.

TEL AVIV, ISRAEL / ACCESSWIRE / May 14, 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 previously announced on May 11, 2021(the "Financing") conditionally approved by the TSX Venture Exchange ("TSXV"), closed CAD$7.4 million (the "Second Tranche Gross Proceeds") into escrow. The Second Tranche Gross Proceeds are in addition to the CAD$1.8 million closed and previously disclosed in our press release dated April 9, 2021.

The Second Tranche Gross Proceeds represent subscriptions for 2,713,042 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.

A finder's fee of up to 7% of the Second Tranche Gross Proceeds may be paid by the Company in connection with the Financing

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

BenTsur Joseph CEO stated "We are honored that such prestigious US based investors have decided to invest in our Company. We welcome them on board as fellow shareholders." Mr. Joseph concluded by saying "I am reiterating management's commitment to continue to work vigorously to execute our business plan and to create value for our shareholders."

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/647405/A2Z-Smart-Technologies-Announces-Escrow-Closing-Of-Units-reaching-a-total-of-CAD92-million

FAQ

What is the recent financing amount closed by A2Z Smart Technologies Corp (AAZZF)?

A2Z Smart Technologies Corp has closed a second tranche financing of CAD$7.4 million.

How much total financing has A2Z Smart Technologies Corp raised?

The total financing raised by A2Z Smart Technologies Corp is CAD$9.2 million.

What price per unit was set for A2Z Smart Technologies Corp's units?

The units were sold at a price of CAD$2.72 each.

What is the exercise price for the warrants issued by A2Z Smart Technologies Corp?

The exercise price for the warrants is CAD$3.68 per warrant share.

What is the duration for which warrants are valid for A2Z Smart Technologies Corp?

Warrants are valid for a period of 24 months from the receipt of final TSXV approval.

Is the financing by A2Z Smart Technologies Corp subject to approval?

Yes, closing of the financing is subject to final approval from the TSX Venture Exchange.