Mr. Josh Bruni reports

AMERICAN AIRES ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF UNITS FOR GROSS PROCEEDS OF $2.75 MILLION

American Aires Inc. has closed its previously announced best-effort private placement offering of an aggregate of 2,894,500 units of the company at a price of 95 cents per unit for aggregate gross proceeds of $2,749,775. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share of the company at a price of $1.20 per warrant share for a period of five years following the closing of the offering.

The company intends to use the net proceeds of the offering for sales and marketing, working capital, and general corporate purposes.

The offering was conducted by Eight Capital as sole agent and sole bookrunner pursuant to an agency agreement dated May 16, 2024. The company paid to the agent: (i) a cash commission of $181,654.25; (ii) non-transferable compensation options of the company exercisable at any time prior to May 16, 2026, to acquire up to 202,615 units of the company at a price equal to the issue price, subject to adjustment in certain events; and (iii) 47,000 corporate finance fee warrants of the company exercisable at any time prior to May 16, 2026, to acquire up to 47,000 units of the company at a price equal to the issue price, subject to adjustment in certain events. The compensation option units and the corporate finance fee units have the same terms as the units sold in the offering.

The units sold under the offering were issued and sold pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions. A copy of the offering document under the listed issuer financing exemption dated May 8, 2024, is available under the company's profile on SEDAR+ and on the company's website. All units issued pursuant to the listed issuer financing exemption are not subject to resale restrictions in Canada in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange. All other securities not issued pursuant to the listed issuer financing exemption, including the compensation options and the corporate finance fee warrants, are subject to a statutory hold period in accordance with applicable Canadian securities laws, expiring on Sept. 17, 2024.

About American Aires Inc.

American Aires is a Canadian-based nanotechnology company committed to enhancing well-being and environmental safety through science-led innovation, education and advocacy. The company has developed a proprietary silicon-based resonator that protect against the harmful effects of electromagnetic radiation (EMR).

Aires's Lifetune products target EMR emitted by consumer electronic devices such as cellphones, computers, baby monitors and Wi-Fi, including the more powerful and rapidly expanding high-speed 5G networks. Aires is listed on the CSE under the ticker WIFI and on the OTCQB under the symbol AAIRF.

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