Mr. Jim Payne reports
DYNACERT ANNOUNCES STRATEGIC INVESTMENT BY WAY OF PRIVATE PLACEMENT
DynaCERT Inc. has completed an arm's-length equity offering for aggregate gross proceeds of $1.35-million. The company has issued an aggregate of 2.7 million units at a price of 50 cents per unit, with each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one share at an exercise price of 65 cents per share on or before Nov. 13, 2021, subject to 30-day notice of acceleration expiry at the option of the company at any time if, for any 10 consecutive trading days during the unexpired term of such warrants, the closing price of the company's shares on the TSX Venture Exchange is greater than 80 cents. The offering has been fully subscribed. In accordance with applicable securities laws, all of the shares and warrants issued under the offering are subject to a hold period equal to four month plus one day, which will expire on March 14, 2020.
The net proceeds of the offering will be used in part for capital expenditures related to DynaCERT's assembly line of HydraGENa technology in Toronto to improve such assembly's efficiency and fulfill timely delivery of sales of products as previously announced and to now expedite current and new deliveries to Europe, Mexico and North America (see press releases of Oct. 16, 2019, and Aug. 20, 2019) and for general working capital purposes.
A major European strategic investor has subscribed for a substantial majority of the offering. In addition, KarbonKleen Inc., a preferred systems provider of HydraGENa Technology in North America, has also subscribed in this offering.
Jim Payne, president and chief executive officer of DynaCERT, stated: "It is great to see the strong commitment and unwavering belief in the future of our company by strong investors in both Europe and North America. The proceeds of this offering further expedites the prompt deliveries of previously announced orders which are of great strategic importance to DynaCERT."
About DynaCERT Inc.
DynaCERT makes and distributes carbon emission reduction technology for use with internal combustion engines.
We seek Safe Harbor.
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