Tower One Announces Closing of Definitive Agreement for Acquisition of Remaining Shares in Evotech and Settlement of Claims

Rhea-AI Summary

Tower One Wireless Corp. (CSE: TO, OTCQB: TOWTF) has successfully closed a Definitive Agreement to acquire additional shares of its subsidiary, Evolution Technology SA (Evotech), from a minority shareholder. This agreement involved a cash payment of US$30,000 and the issuance of 6,300,000 common shares at a deemed price of C$0.07875, totaling proceeds of C$496,125. These shares are subject to a statutory hold period. Tower One focuses on building and operating wireless telecommunications infrastructure in Latin America, catering to mobile network operators.

Positive

• Acquisition increases ownership in Evotech, enhancing strategic control.
• Cash and shares issued provide capital for future growth.

Negative

• Issuance of 6,300,000 shares may dilute existing shareholder equity.

VANCOUVER, British Columbia, June 25, 2021 (GLOBE NEWSWIRE) -- TOWER ONE WIRELESS CORP. (CSE: TO) (OTCQB: TOWTF) (Frankfurt: 1P3N) (“Tower One” or the “Company”) announces that the Company has closed an acquisition and settlement agreement (the “Definitive Agreement”) for the purchase from a minority shareholder of shares of the Company’s subsidiary Evolution Technology SA (“Evotech”) which were not already held by the Company and for settlement of claims, previous services, and indemnities provided to the Company and/or Evotech.

In consideration for the closing of the Definitive Agreement, the Company paid US$30,000 in cash and issued an aggregate of 6,300,000 common shares of the Company at a deemed price of C$0.07875 per Share for proceeds of C$496,125.

The shares issued upon closing of the transaction are subject to a statutory hold period of four months and one day from the date of issuance.

About Tower One
Tower One’s principal business is to build, own and operate multi-tenant wireless telecommunications infrastructure (“towers”) in Latin America. Tower One leases space on its towers to mobile network operators. The Company is focused on the build to suit tower industry whereby a long-term lease is secured with a tenant prior to building a tower. The Company operates in the three largest Spanish speaking countries in Latin America (Colombia, Mexico and Argentina) with a combined population of approximately 220 million people.

Contact Information:
Corporate Communications
Tel:	+1 917 546 3016
E-mail:	info@toweronewireless.com
Website:	www.toweronewireless.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

FAQ

What is the purpose of the acquisition by Tower One Wireless Corp.?

The acquisition is aimed at increasing ownership in its subsidiary, Evolution Technology SA, which enhances control and potentially boosts operational capacity.

How much did Tower One pay for the acquisition?

Tower One paid US$30,000 in cash and issued 6,300,000 common shares at a deemed price of C$0.07875.

What is the impact of the share issuance on Tower One's stock?

The issuance of 6,300,000 shares may dilute the existing equity of shareholders.

What are the strategic benefits of this acquisition for Tower One?

This acquisition strengthens Tower One's presence in the Latin American telecommunications market and may facilitate further growth and leasing opportunities.

What is the statutory hold period for the newly issued shares?

The shares issued upon closing of the transaction are subject to a statutory hold period of four months and one day.