Mr. Jim Payne reports
DYNACERT ANNOUNCES $1,000,000 CLOSING OF FIRST TRANCHE OF BROKERED PRIVATE PLACEMENT
Inc. has closed the first tranche of its previously announced financing through the issuance of four million units at 25 cents per unit for total proceeds of $1-million. Each unit consists of one common share of DynaCERT and one-half of one common share purchase warrant at a price of 25 cents per unit. Each whole warrant entitles the holder to purchase one common share of the company at a price of 50 cents for a period of 24 months. In accordance with applicable securities laws, all of the common shares and warrants issued under the first tranche closing are subject to a four-month hold period, which will expire on Jan. 26, 2019.
As previously announced on Sept. 18, 2018, the company is offering of up to $3-million of units. The offering also includes a 15-per-cent overallotment option, which, if exercised in full, would result in total aggregate proceeds in the amount of $3.45-million. PI Financial Corp. is acting as lead agent on its own behalf and, if applicable, on behalf of a syndicate of agents on a best efforts basis, subject to certain conditions stipulated in the engagement letter.
The net proceeds of the offering will be used for international marketing of DynaCERT's line of HydraGEN technology products in Europe, South Asia and the Middle East, and for general working capital purposes.
The offering is expected to be completed in multiple tranches and is subject to the completion of formal documentation, receipt of all necessary regulatory approvals and other customary conditions. The units will be offered to accredited institutions as well as other accredited investors in Ontario, Alberta, British Columbia and such other jurisdictions in Canada as PI Financial and the company may agree, subject to certain exemptions and regulatory approval. The units and the shares and warrants underlying the units will be qualified investments for RRSPs (registered retirement savings plans), RRIFs (registered retirement income funds), DPSPs (deferred profit-sharing plans), RESPs (registered education savings plans) and TFSAs (tax-free savings accounts). All of the securities sold pursuant to this offering will be subject to a four-month-plus-one-day hold period starting from the date of issuance.
The company will pay a cash commission of 7 per cent and 7 per cent broker warrants to PI Financial on its behalf, and on behalf of the agents, in applicable circumstances. A further 200,000 broker warrants will be issuable to PI Financial in the event that the aggregate proceeds under the offering exceed $3-million.
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, the company'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. The company's technology is designed for use with all types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels, and railway locomotives.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.