Mr. Jim Payne reports
DYNACERT EXPANDS ITS DEALER NETWORK IN THE MIDDLE EAST WITH MR. MAHEBOOB NAGJI AND CLOSES SECOND TRANCHE OF EQUITY PRIVATE PLACEMENT
DynaCERT Inc. has expanded its network of dealers with the appointment of a key dealer for Dubai and the greater region of the Middle East. In conjunction with this dealer expansion, DynaCERT's official launch in the Middle East is scheduled for a trade show in Dubai during the week of May 7, 2018, where the media will be featuring the company's HydraGEN technology.
DynaCERT is also pleased to announce that Maheboob Nagji is joining the company's advisory board. Having spent his entire professional life as an entrepreneur, Mr. Nagji's family trading business, Orchid Gulf, has grown under his management. He has expanded Orchid Gulf's existing paper merchant business to increase its presence in the Middle East, Africa and India. He has had a keen attachment to environmental issues ever since he received his juris doctor in environmental law from Lewis and Clark Law School in Portland, Ore., in 1998. In addition to having a BA in economics from the University of Michigan, he is also alumni of Harvard Business School.
Mr. Nagji stated: "I'm very optimistic about the present and future outlook of DynaCERT in the Middle East. I have great confidence in management and the board. DynaCERT's carbon emission reduction technologies can play a positive role in the transportation and energy sectors on a global scale."
Jim Payne, president and chief executive officer of DynaCERT, stated: "We are pleased to enhance the advisory board with the addition of Maheboob. As a successful businessman and entrepreneur, Maheboob's expertise and connections in the international business community can be invaluable to the company."
Closing of second tranche of private placement
DynaCERT is pleased to announce the closing of the second tranche of its non-brokered equity private placement, as previously announced on Jan. 31, 2018, via the issuance of 3,354,285 units at a price of 42 cents per unit for gross proceeds of $1,408,800. When combined with the first tranche closing of the financing (pursuant to which 2,894,762 units were issued on Feb. 22, 2018, for gross proceeds of $1,215,800), the aggregate gross proceeds raised under the financing to date is $2,624,600, with an aggregate of 6,249,047 units having been issued. The financing is expected to be completed in multiple tranches, for gross proceeds of up to $3-million. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at 50 cents for a period of one year from closing, provided however that in the event that the company's common shares trade at a price above $1 per common share on the TSX Venture Exchange for 20 consecutive trading days, DynaCERT shall have the right to give notice to holders that the warrants shall expire within 30 days of such notice. Proceeds from the financing will be used for working capital, manufacturing and special projects of the company. All of the common shares and warrants that have been issued today in connection with the financing are subject to statutory four-month hold periods, expiring on Aug. 11, 2018.
About DynaCERT Inc.
DynaCERT manufactures, distributes and installs carbon emission reduction technology for use with internal combustion engines. As part of the growing global hydrogen economy, DynaCERT's patent-pending technology creates hydrogen and oxygen on demand through electrolysis and supplies these through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency.
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