American Aires Announces Private Placement

About this update from American Aires, Inc.

[{"type":"text","content":"American Aires Announces Private PlacementToronto, Ontario--(Newsfile Corp. - March 21, 2023) - American Aires Inc. (CSE: WIFI) (the \"Company\" or \"Aires\") is pleased to announce that it intends to complete a non-brokered private placement (the \"Private Placement\") for gross proceeds of up to $2,500,000 through the issuance of up to 50,000,000 units (the \"Units\") at a price of $0.05 per Unit. Each Unit is comprised of one (1) common share in the capital of the Company (\"Common Share\") and one (1) transferable Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to acquire one (1) Common Share to be issued on the due exercise of the Warrants (each, a \"Warrant Share\") at a price of $0.05 per Warrant Share for twenty-four (24) months from the date of the closing of the Private Placement, subject to an Acceleration event (as defined and described below). Should the closing price at which the Common Shares trade on the Canadian Securities Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed CDN$0.10 for ten (10) consecutive trading days at any time following the date of issuance, the Company may accelerate the Warrant Term (the \"Reduced Warrant Term\") such that the Warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the Reduced Warrant Term.A finder's fee may apply to a portion of the proceeds raised under the Private Placement of a cash commission equal to 8% of the aggregate gross proceeds from the sale of the Units under the Private Placement, and finders warrants equal to 8% of the number of Units sold under the Private Placement, exercisable for Units of the Company. All securities issued pursuant to the Private Placement will be subject to a four month hold period from the date of issue. Proceeds from the Private Placement will be used by the Company for working capital and for other general and administrative costs.Closing of the Private Placement is subject to all customary regulatory and board approvals of the Company.About American Aires Inc. American Aires Inc. is a Canadian-based nanotechnology company which has developed proprietary silicon-based microprocessors that reduce the harmful effects of electromagnetic radiation (EMR). The tech...

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