Delta, British Columbia–(Newsfile Corp. – August 5, 2021) – ATI AirTest Technologies Inc. (TSXV: AAT) (OTC Pink: AATGF) (“AirTest” or the “Company”), further to its announcement on March 31, 2021, is pleased to provide closing details regarding its recent oversubscribed non-brokered private placement offering (the “Offering”) of units. All dollar amounts in this press release are expressed in Canadian currency.
On April 6, 2021 and April 7, 2021 (each a “Closing Date”) an aggregate of 9,927,001 units (the “Units”) were sold pursuant to the Offering at a price of $0.12 per Unit for total gross proceeds of $1,191,240.12. Each Unit consists of one common share (a “Common Share”) in the capital of the Company and one warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.20 for a period of 24 months following the date of issuance. However, if the Common Shares trade above $0.30 on the TSX Venture Exchange for a period of 10 consecutive trading days after four months and one day from the closing date, the Company may accelerate the expiry of the Warrants by giving notice to the holders by news release and, in such case, the Warrants will expire on the 30th day after the date of such notice.
Finder’s fees were paid in accordance with the policies of the TSXV to Cannacord Genuity Corp. consisting of a cash commission equal to $34,876.80 and an issuance of 290,640 finder warrants (” Finder Warrants “), and to PI Financial Corp. consisting of a cash commission of $26,040 and 217,000 Finder Warrants. Each Finder Warrant entitles the holder thereof to purchase one Common Share at a price of $0.20 per share for a period of 24 months following the applicable Closing Date. All securities issued in connection with the Offering are subject to a statutory hold period of 4 months plus one day following the applicable Closing Date. Proceeds of the Offering will be used for inventory, research & development and general working capital.
About AirTest “Management by Measurement”:
AirTest Technologies (www.airtest.com) is a Green-Tech IoT company with proprietary sensor technologies that drive proven energy savings while simultaneously improving air control and quality in commercial and government structures. Over the past decade, Airtest has installed thousands of wired systems in major chains such as Canadian Tire, Shoppers Drug Marts, Lowe’s Stores and enclosed parking garages. The company is now launching a new line of wireless technologies with improved capabilities and dynamics, which will reduce carbon emissions, measure air quality in a Covid19 environment and provide attractive energy and cost savings.
For further information, please contact:
Mr. George Graham, President
Phone: (604) 517 3888
Fax :(604) 517 3900
Email: [email protected]
Investor Relations Contact
The Howard Group Inc.
Email: [email protected]
Toll Free: 1-888-221-0915
Legal Notice Regarding Forward Looking Statements
This news release contains “forward looking statements”. Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate” and words of similar meaning. Forward-looking statements are based on management’s current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward looking statements. Forward-looking statements in this news release include those concerning the Company’s belief in the energy savings that can be achieved through installation of the Company’s products and that these installations lead to reduced maintenance, downtime expenses, future cost savings, and improvements in the bottom line. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Risks that may prevent or delay the forward looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company’s website, www.smartcool.net.
Neither the 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.