Water Ways Announces Escrow Closing of First Tranche of a Private Placement
June 30 2021 - 7:30AM
Water Ways Technologies Inc. (TSXV: WWT) ("
Water
Ways" or the "
Company") today announced
the escrow closing of the first tranche (the "
First
Tranche") of a private placement (the
"
Offering") of up to 33,333,333 units (the
"
Units") at a price of CAD$0.12 per Unit, for
gross proceeds of up to CAD$4,000,000 (the "
Gross
Proceeds"). The First Tranche escrow closing will
result in the issuance of 27,016,666 Units. Each Unit is composed
of one common share of the Company and one common share purchase
warrant (the "
Warrant"). Each Warrant entitles the
holder thereof to acquire one additional common share of the
Company (each a "
Warrant Share"), upon payment to
the Company of CAD$0.18 per Warrant Share until June 30, 2024,
however, that if, following July 1, 2022, the volume weighted
average price of the Common Shares of the Company for any 10
consecutive trading days equals or exceeds $0.24, the Company may,
upon providing written notice to the holders of the Warrants,
accelerate the expiry date of the Warrants to the date that is 30
days following the date of such written notice.
The Company expects to pay finder's fees in
association with the Offering, payable in cash, of up to 8% of the
Gross Proceeds, and will issue that number of Finder Warrants as is
equal to 8% of the Units sold ("Finder Warrants").
Each Finder Warrant will be exercisable into a Unit upon payment by
the holder thereof of CAD$0.12 per Unit. In connection with the
First Tranche closing, the company will issue 2,161,333 Finder
Warrants and pay a cash commission of CAD$259,360.
The remaining balance of the Units being offered
are expected to close by July 7, 2021.
Closing of the Offering is conditional of
receipt of all regulatory approvals including the approval of the
TSX Venture Exchange.
Ohad Haber, Chairman and Chief Executive
Officer, commented: "This is the first time the Company
raised capital since the RTO in March 2019. We will use the funds
to finance our growth in the next years."
About Water Ways
Technologies
Water Ways Technologies Inc., through its
subsidiaries, is a global provider of Israeli-based agriculture
technology, providing water irrigation solutions to agricultural
producers. Water Ways Technologies competes in the global
irrigation water systems market with a focus on developing
solutions with commercial applications in the micro and precision
irrigation segments of the overall market. At present, Water Ways
Technologies' main revenue streams are derived from the following
business units: (i) Projects Business Unit; and (ii) Component and
Equipment Sales Unit. Water Ways Technologies is capitalizing on
the opportunities presented by micro and smart irrigation, while
also making a positive mark on society by making these technologies
more widely available, especially in developing markets such as
Africa and Latin America and developed markets such as China and
Canada. Water Ways Technologies irrigation projects include
vineyards, Cotton fields, Apple and Orange orchards, Blueberries,
Medical Cannabis, fresh produce cooling rooms and more, in over 15
countries.
For more information, please
contact
Ronnie
Jaegermann |
|
Guy
Nathanzon |
Director |
|
CFO |
T: +972-54-4202054 |
|
T: +972-52-6007221 |
E: ronnie@waterwt.com |
|
E: guyn@waterwt.com |
https://www.water-ways-technologies.com/
Twitter:
@WaterWaysTechn1
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press
release constitute "forward-looking information" as such term is
defined in applicable Canadian securities legislation. The words
"may", "would", "could", "should", "potential", "will", "seek",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions as they relate to Water Ways. All statements
other than statements of historical fact may be forward-looking
information. Such statements reflect Water Ways' current views and
intentions with respect to future events, and current information
available to Water Ways, and are subject to certain risks,
uncertainties and assumptions. Material factors or assumptions were
applied in providing forward-looking information. Many factors
could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to
vary from those described herein should one or more of these risks
or uncertainties materialize. Should any factor affect Water Ways
in an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, Water Ways does
not assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and Water Ways undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law. Water Ways' results and forward-looking
information and calculations may be affected by fluctuations in
exchange rates. All figures are in Canadian dollars unless
otherwise indicated.
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