North Vancouver, British Columbia--(Newsfile Corp. - May 13, 2021) - Aurora Solar Technologies Inc. (TSXV: ACU) (the "Company" or "Aurora) is pleased to announce that it has closed its previously announced private placement financing of 14,200,000 units ("Units") at a price of $0.25 per unit for gross proceeds of $3,550,000, which included the exercise in full of the Agent's option. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a "Warrant Share") at a price of C$0.40 per Warrant Share, until May 13, 2022, subject to adjustment in certain events. The Warrants shall be callable by the Company, at the discretion of the Company, should the daily volume-weighted average trading price of the common shares of the Company on the TSX Venture Exchange exceed C$0.50 for a period of 20 consecutive trading days, at any time during the term of the Warrants ("Call Trigger"). Following a Call Trigger, the Company may give notice in writing ("Call Notice") to the holders of Warrants that any Warrant that remains unexercised by the holder thereof shall expire 30 days following the date on which the Call Notice is given.
The offering was led by Stifel GMP (the "Agent") as the agent. In connection with the offering, Aurora issued 615,100 non-transferable broker warrants to the Agent that entitle the Agent to purchase Units until May 13, 2022, at a purchase price of $0.25 per Unit, in addition to a cash commission of $153,775. The broker warrants issued to the Agent are subject to a four-month-and-one-day hold period, which will end on September 14, 2021.
The net proceeds of the offering will be used for the market roll-out of the InsightTM data science product, called "Insight Essentials", for solar cell production yield optimization and for general corporate purposes.
The offering is subject to the final acceptance of the TSX Venture Exchange. All securities issued pursuant to the offering are subject to a statutory four-month-and-one-day hold period, which will end on September 14, 2021.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Aurora Solar Technologies:
Aurora Solar Technologies is a leader in the development and delivery of inline process measurement, analysis and control systems for solar cell manufacturers. We believe that solar power will dominate the renewable energy field, and our mission is to bring quality and profitability to every customer through superior control of critical processes during solar cell manufacturing.
Aurora's products are used by some of the world's most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Shanghai, China and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora's website is located at .
For further information contact:
Jake Bouma
Corporate Development
Phone: +1 (604) 317-3936
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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