Business
American Aires Announces Proposed Offering and Initial Closing
Toronto, Ontario--(Newsfile Corp. - June 15, 2023) - American Aires Inc. (CSE: WIFI) (OTCQB: AAIR...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Announces Proposed Offering and Initial ClosingToronto, Ontario--(Newsfile Corp. - June 15, 2023) - American Aires Inc. (CSE: WIFI) (OTCQB: AAIRF) (\"Aires\" or the \"Company\"), a leader in scientifically-proven EMF modulation technology, announces a proposed non-brokered private placement (the \"Offering\") for gross proceeds of up to $3,000,000 through the issuance of up to 3,000 units (the \"Units\") at a price of $1,000 per Unit. Each Unit shall consist of (i) one (1) $1,000 principal amount secured convertible debenture (a \"Debenture\" or ‎‎\"Debentures\") of the Company, and (ii) and 20,000 common share purchase warrants (the \"Warrants\"). The Debentures shall bear interest at a rate of 12.0% per annum, payable semi-annually in arrears ‎on the last day of June and ‎December in each ‎year‎, with the first interest payment payable on June 30, 2023, and mature on June 30, 2025 (the \"Maturity Date\"). ‎The Debentures will be convertible into common shares in the capital of the Company (the ‎‎\"Common Shares\") at the market price of the Common ‎Shares at the time of conversion, subject to the approval of the Canadian Securities Exchange (the \"CSE\") in the event such price is below $0.05, ‎determined by the most recent closing ‎price of the Common Shares on the day of conversion, at the option of the holder at any time prior to the close of business ‎on the earlier of: (i) the last business day immediately preceding the Maturity Date, and (ii) the date fixed for redemption. Each Warrant shall entitle the holder thereof to acquire one ‎Common Share at an exercise price of $0.05 until June 30, 2025‎. In addition, the Debentures are secured by all of the assets of the Company.‎In connection with the Offering, the Company will pay registered dealers or ‎finders a cash commission equal to 6% of the aggregate gross ‎proceeds from the sale ‎of the Units to a subscriber ‎referred to the Company by such registered dealer or finder.The Company also announces the completion of the first tranche of the Offering. The Company has raised gross proceeds of $325,000 through the ‎issuance of 325 Units. ‎Pursuant to the first tranche of the Offering, the Company paid a finde...