The first tranche of the Private Placement closed on July 31, 2025 for total gross proceeds of $791,334.20, as previously announced. Proceeds from the Private Placement will be used to fund a portion of the Company's RF XL 2.0 redeployment plan, to advance commercialization of new RF heating applications, including critical minerals applications and amine regeneration applications including carbon capture, and for general corporate purposes.
Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder to acquire one Common Share, at an exercise price of $0.20 for 24 months from the date of issuance. If the Common Shares trade at a closing price at or greater than $0.30 per Common Share for a period of thirty (30) consecutive trading days, Acceleware may accelerate the expiry date of the Warrants by giving 30 days notice to the holders thereof. The Common Shares, Warrants and Common Shares underlying the Warrants will be subject to a four (4) month plus one day hold period in accordance with securities legislation.
Insiders purchased a total of 1,300,000 Units in the first tranche, and insiders may participate in subsequent tranches, making the Private Placement a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101, based on a determination that the fair market value of the Private Placement, ...
