Delta, British Columbia–(Newsfile Corp. – October 9, 2020) – AirTest Technologies (TSXV: AAT) (“AirTest” or the “Company”) intends to sell, on a non-brokered private placement basis, in one or more tranches, up to 10 million units at a price of 5 cents per unit for gross proceeds of up to $500,000. Each unit will consist of one common share in the capital of the Company and one common share purchase warrant, with each warrant being exercisable into one common share at an exercise price of eight cents for a period of two years from the date of issuance, subject to adjustment upon certain customary events. The expiry date of the warrants can be accelerated by the Company at any time following the date that is four months and one day after closing of the private placement and prior to the expiry date of the warrants if the closing price of the common shares on the TSX Venture Exchange is greater than thirteen cents for any 10 non-consecutive trading days. The Company may pay a finder’s fee in accordance with Securities and Exchange regulations.
The net proceeds from the private placement are intended to be used for working capital, product marketing initiatives, research and development, and general corporate purposes.
The offering is subject to approval from the TSX Venture Exchange. All Shares and Warrant Shares issued will be subject to resale restrictions imposed by applicable law or regulation.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Shares or Warrants in the United States. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About AirTest: AirTest Technologies (www.airtest.com) is a Green-Tech company specializing in sensors that improve commercial building operating efficiency and at the same time create energy savings. These sensors are all based on technical innovations developed in the last ten years and comprise a growing second wave of energy saving technologies that are positioned to make a significant contribution to the Sustainable Buildings Program. AirTest offers its products to leading-edge building owners, contractors and energy service companies targeting the buildings market. AirTest also provides energy cost reduction solutions to building equipment and controls manufacturers who incorporate AirTest sensor components in their products.
For further information, please contact:
Mr. George Graham, President & CEO
Phone: (604) 517 3888
Fax: (604) 517 3900
Email: [email protected]
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) is responsible for the adequacy or accuracy of this press release.
NOT FOR DISSEMINATION IN THE UNITED STATES