A2Z Smart Technologies Announces Final Closing of its previously announced Private Placement for aggregate gross proceeds of CAD$8,344,043 and Completion of the Acquisition of 77.51% of Cust2Mate Ltd.
A2Z Smart Technologies Corp (OTCQX:AAZZF) has completed a private placement, raising CAD$8,344,043 by issuing 13,350,460 subscription receipts. Each receipt converted into units priced at $0.625, consisting of common shares and purchase warrants. The proceeds will fund product marketing and the integration of newly acquired Cust2mate Ltd., specializing in smart shopping cart technology, for which A2Z paid US$1,566,000. The investment aims to enhance A2Z's market presence in retail automation.
- Raised CAD$8,344,043 through private placement, strengthening financial position.
- Acquisition of 77.51% of Cust2mate Ltd. strategically enhances product offerings in retail automation.
- Paid significant finders' fees of CAD$417,202, impacting immediate cash flow.
- Acquisition involved a related party transaction, raising potential governance concerns.
TEL AVIV, ISRAEL / ACCESSWIRE / November 16, 2020 / A2Z Smart Technologies Corp. ("A2Z" or the "Company") (TSXV:AZ)(OTCQX:AAZZF), an innovative technology company specializing in state-of-the-art automation and electronics technology, is pleased to announce that it has closed its previously announced private placement (the "Offering") of subscription receipts. The Company has issued 13,350,460 subscription receipts which were, immediately prior to the closing of the acquisition (as defined below) automatically exercised into 13,350,460 units (the "Units") at a price of
In connection with the Offering, the Company paid finders' fees of
All securities issued in connection with the Offering are subject to a four month and one day hold period expiring on March 11, 2021.
The Company is also pleased to announce that it has completed the acquisition of
The Company intends to use the remaining proceeds of the Offering for product marketing, manufacturing, integration of the Cust2mate business and general corporate purposes.
About Cust2mate Ltd. - Cust2Mate is a technological company focused on providing retail automation solutions, in particular for large grocery stores, supermarkets and retail stores. Cust2Mate's primary product is the Cust2Mate system which incorporates a "smart cart" enabling shoppers to checkout automatically without having to pass through the cashier, unload and reload their purchases by simply allowing the costumer to "pick&go".
About A2Z Smart Technologies, Inc.
A2Z Smart Technologies, Inc. is an innovative technology company based out of Israel, specializing in military technology and expanding into the civilian markets. A2Z has been operating for over 30 years and has a client base with 75 recurring clients, including the Israel Defense Forces, Security Forces, and Ministry of Defence among others. A2Z plans to leverage their cash flow-generating core-business to expand into the civilian robotics and automobile markets.
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.
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