American Aires Closes $4 Million Oversubscribed Private Placement

About this update from American Aires, Inc.

[{"type":"text","content":"American Aires Closes $4 Million Oversubscribed Private PlacementToronto, Ontario--(Newsfile Corp. - February 16, 2024) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRD) (\"Aires\" or the \"Company\"), a company focused on scientifically-proven EMF modulation technology, announces the closing of its non-brokered private placement offering (the \"Offering\") of 26,666,663 units of the Company (the \"Units\") at a price of $0.15 per Unit (the \"Offering Price\") for aggregate gross proceeds of approximately $4,000,000. Each Unit is 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 (the \"Accelerated Expiry\").Josh Bruni, CEO of the Company, stated: \"We are immensely gratified by the market's strong response to our private placement offering, which was significantly oversubscribed, highlighting the overwhelming interest and confidence in American Aires and our dedicated team. This success not only underscores our investors' belief in our transformative technology but also our dedication to advancing well-being and environmental safety. With this support, we are poised to accelerate our global growth, deepen our scientific research, and extend our impact by venturing into new product categories. We are deeply appreciative of this strong endorsement from the investment community and excited about the future that lies ahead.\"In connection with the Offering, the Company paid a cash fee of $47,249.99 to certain arm's length finders, and issued to certain arm's length finders 289,100 non-transferrable finder's warrants, each exercisable to acquire one Unit at a price of $0.15 per Unit for a period for 24 months from the Closing, subject to the Accelerated Expiry.The Offering is subject to final approval of the CSE. The securities issued in connection with the Offe...

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