The Alkaline Water Company Announces Non-brokered Private Placement of Subscription Receipts
April 26 2020 - 6:00AM
The Alkaline Water Company Inc. (NASDAQ and TSXV: WTER)
(the “
Company”) today announces, subject to
regulatory approval, a non-brokered private placement financing
(the “
Financing”) of up to 4,444,444 subscription
receipts (each, a “
Subscription Receipt”) at a
price of US$0.45 per Subscription Receipt for total gross proceeds
of up to US$2,000,000. Each Subscription Receipt will entitle
the holder to acquire, for no additional consideration, one unit
(each, a “
Unit”) consisting of one common share
(each, a “
Share”) of the Company and one
transferable share purchase warrant (each, a
“
Warrant”) upon shareholder approval for the
Financing (the “
Release Condition”). Each Warrant
shall entitle the holder thereof to acquire one Share (each, a
“
Warrant Share”) for a period of three years from
the date of issuance thereof at a price of US$0.55 per Warrant
Share, subject to acceleration if, following the issuance of the
Warrants, the Shares have a closing price on the TSX Venture
Exchange (the “
Exchange”) or such other exchange
on which the Shares may be traded at such time) of US$1.75 or
greater per Share for a period of twenty (20) consecutive trading
days at any time from the closing date of the Financing, the
Company may accelerate the expiry date of the Warrants by giving
notice to the holders thereof (by disseminating a news release
advising of the acceleration of the expiry date of the Warrants)
and, in such case, the Warrants will expire on the thirtieth day
after the date of such notice.
The Subscription Receipts will be converted into
Units on the date the Release Condition is satisfied. The
proceeds of the Financing will be held in trust and will not be
released to the Company until the Release Condition has been
satisfied. If the Release Condition is not satisfied on or
before July 15, 2020, the proceeds of the Financing will be
returned to subscribers without interest or penalty, and the
Subscription Receipts will be cancelled.
The proceeds of the Financing are expected to be
used to fund the Company’s general working capital and expansion of
production capacity.
Finder’s fees may be payable in connection with
the Financing in accordance with the policies of the
Exchange.
None of the securities to be issued in
connection with the Financing will be or have been registered under
the United States Securities Act of 1933, as amended (the
“1933 Act”), and none may be offered or sold in
the United States absent registration or an applicable exemption
from the registration requirements of the 1933 Act. This press
release is being issued pursuant to Rule 135c of the 1933 Act and
shall not constitute an offer to sell or a solicitation of an offer
to buy, nor shall there be any sale of the securities, in any state
where such offer, solicitation or sale would be unlawful.
The Alkaline Water Company Inc.
Richard A. Wright President and CEO 800-923-1910
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.
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