Business
American Aires Announces $2.5 Million Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - February 5, 2024) - American Aires Inc. (CSE: WIFI) (OTC Pink...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Announces $2.5 Million Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - February 5, 2024) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRD) (\"Aires\" or the \"Company\"), a company focused on scientifically-proven EMF modulation technology, announces its intention to complete a non-brokered private placement offering (the \"Offering\") of up to 16,666,667 units of the Company (the \"Units\") at a price of $0.15 per Unit (the \"Offering Price\") for aggregate gross proceeds of up to $2,500,000. The Company will have the option to increase the Offering to 20,000,000 Units for aggregate gross proceeds of $3,000,000 depending on market conditions. Each Unit will be comprised of one common share in the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\") being exercisable into one Common Share at a price of $0.25 per share for a period of 24 months from closing of the Offering, provided that, in the event that the volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the \"CSE\") exceeds $0.40 for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry date to 30 days following the date on which the Company provides notice thereof to the holders of the Warrants.In connection with the Offering, the Company may (i) pay to certain finders a cash fee equal to 7% of the gross proceeds from subscribers that are introduced to the Company by such finders, and (ii) issue to certain finders such number of Units (each, a \"Finder's Unit\") equal to 7% of the number of Units that are sold to subscribers introduced to the Company by such finders. Each Finder's Unit shall be on the same terms as the Units sold in the Offering.The Offering is subject to the approval of the CSE. The Common Shares and Warrants will be subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws. The Offering Price was reserved via price protection filed with the CSE on January 15, 2024. The Offering is expected to close on or about February 12, 2024, or such earlier or later date as the Company may designate.About American Aires Inc. American Aires Inc. is a Canadian-based nanotechnology company committed to enhancing personal well-being and environmental safety ...