/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
CALGARY, Nov. 14 /CNW/ - DIRTT Environmental Solutions Ltd. (the
"Company" or "DIRTT") announced it has appointed Canaccord Adams Inc. as lead
agent of a syndicate that includes J.F. Mackie & Company Ltd. and Blackmont
Capital Inc. to act as the Company's agents in connection with a private
placement of common shares on a best efforts basis. The Company intends to
raise up to $20 million through the issuance of units at an issue price to be
determined in the context of the market. Each unit will consist of one common
share, one "Series A" special warrant exercisable for 0.1 common share at no
additional cost if the corporation does not complete a liquidity event within
12 months and one "Series B" special warrant exercisable for an additional
fractional common share if the liquidity event being contemplated is priced
below $5.00 per share, such fraction to be determined by the eventual
liquidity event offer price but not to exceed 0.25 additional common shares.
Liquidity events will be defined in the agency agreement and will include a
listing on a major stock exchange and a sale transaction involving the
Company. The agents will have the option to sell up to an additional
$3 million of units, which option shall be exercisable up to 24 hours prior to
The net proceeds of the Offering will be used by DIRTT for general
working capital purposes, for ongoing commercialization of the ICE technology
and for the development of new opportunities.
Completion of the financing and other transactions is subject to a number
of conditions. There can be no assurance that the transactions will be
completed as proposed or at all.
About DIRTT Environmental Solutions Ltd.
DIRTT, which stands for Doing It Right This Time, is a leading provider
of modular interior walls for workspaces around North America. This method of
construction is fast gaining ground on conventional construction due to its
speed, flexibility, environmental sustainability, and now with DIRTT Walls -
design. One of the ways the company is "Doing It Right This Time" is by
implementing ICE(R), revolutionary design software that not only creates
interactive 3D DIRTT environments instantly, it automatically updates price
and parts lists. ICE ensures modular interior designs are interpreted
precisely without compromising creativity, productivity, schedule or price.
To find out more about DIRTT Environmental Solutions Ltd., or its wholly
owned subsidiary Ice Edge Business Solutions Ltd., please visit our websites
at www.dirtt.net or www.ice-edge.com, or contact Mogens Smed, President and
CEO or Scott Jenkins, CFO at 403-723-5000 or e-mail us at email@example.com.
This release contains forward-looking statements. Forward-looking
statements, without limitation, may contain the words believes, expects,
anticipates, estimates, intends, plans, or similar expressions.
Forward-looking statements are not guarantees of future performance. They
involve risks, uncertainties and assumptions and the Company's actual results
could differ materially from those anticipated. Forward-looking statements are
based on the opinions and estimates of Management at the date the statements
are made, and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements.
The Common Shares and Special Warrants comprising the Units have not been
and will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirement.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
For further information:
For further information: Mogens Smed, President and CEO or Scott
Jenkins, CFO at (403) 723-5000 or e-mail us at firstname.lastname@example.org