An anonymous director reports
DIRTT ANNOUNCES THE CLOSING OF PRIVATE PLACEMENT
DIRTT Environmental Solutions Ltd. has closed its previously announced private placement of common shares of the company to insiders of the company for aggregate gross proceeds of approximately $2.8-million (U.S.).
Pursuant to the private placement, the company issued an aggregate of 8,667,449 common shares to 22 NW Fund LP, 726 B.C. LLC and 726 BF LLC, and all of the directors and executive officers of the company at a subscription price of 32 U.S. cents per common share, including 638,996 common shares issued at the deemed per-share price equal to the subscription price, as reimbursement for the costs incurred by 726 in connection with the company's contested director elections in 2022. The company intends to use the net cash proceeds of the private placement to provide additional liquidity as the company works to complete its strategic initiatives.
About DIRTT Environmental Solutions Ltd.
DIRTT is a global leader in industrialized construction. Its system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high performing, adaptable, interior environments. Operating in the commercial, health care, education and public sector markets, DIRTT's system provides total design freedom and greater certainty in cost, schedule and outcomes. Headquartered in Canada, DIRTT trades on Nasdaq under the symbol DRTT and on the Toronto Stock Exchange under the symbol DRT.
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