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Transition to Early Warning Requirements in Respect of DIRTT Environmental Solutions Ltd. and Early Warning Report Issued Pursuant to NI 62-103 for Shaun Noll
San Francisco, California--(Newsfile Corp. - January 18, 2024) - NOLL, SHAUN announced today that...
About this update from Dirtt Environmental Solutions Ltd
[{"type":"text","content":"Transition to Early Warning Requirements in Respect of DIRTT Environmental Solutions Ltd. and Early Warning Report Issued Pursuant to NI 62-103 for Shaun NollSan Francisco, California--(Newsfile Corp. - January 18, 2024) - NOLL, SHAUN announced today that he has ceased filing reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (\"NI 62-103\") for DIRTT Environmental Solutions Ltd. (the \"DIRTT\" or the \"Issuer\"). This press release is also being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues (\"NI 62-103\") in connection with the filing of an early warning report by Mr. Noll in connection with a transaction involving the common shares of DIRTT (\"Shares\").On January 9, 2023, DIRTT announced the closing of its previously announced rights offering to its common shareholders (\"Rights Offering\") pursuant to which DIRTT issued 85,714,285 Shares at a price of C$0.35 per Share for aggregate gross proceeds of C$30,000,000. Based on the DIRTT's announcement, subsequent to the close of the Rights Offering, there were 191,091,952 Shares issued and outstanding.Mr. Noll owns Shares in his personal name and has been delegated power to vote and dispose of Shares held by WWT Opportunity #1 LLC (\"WWT\"), a Delaware limited liability company. WWT and Mr. Noll (together, the \"Reporting Persons\") together acquired an aggregate amount of 31,185,364 Shares through the Rights Offering, representing approximately 16.3% of the outstanding Shares, for an aggregate amount of C$10,914,877.40 in consideration for such Shares.Immediately before the closing of the Rights Offering, the Reporting Persons, held or were deemed to hold, an aggregate amount of 22,195,389 Shares, representing approximately 21.2% of the then outstanding Shares.Following the closing of the Rights Offering, the Reporting Persons own 53,380,753 Shares, representing approximately 27.9% of the outstanding Shares.The Subject Shares were acquired for investment purposes. Each of the Reporting Persons (directly or through advisors) may from time to time conduct analyses and engage in discussions with some or all of the Issuer's Board of Directors (the \"Bo...