A2Z Smart Technologies Corp. Announces Offering of Common Shares

TEL AVIV, ISRAEL / ACCESSWIRE / April 2, 2024 / A2Z Smart Technologies Corp. (Nasdaq:AZ) has launched a financial move by entering a securities purchase agreement with accredited investors to issue 8,308,357 common shares at $0.35 each. This registered direct offering aims to collect roughly $2,900,000 before expenses, with closure expected on April 4, 2024. The company is also in talks for additional agreements prior to this closing.

Furthermore, A2Z has plans for a private placement of 6,557,143 common shares at the same price per share, looking to close within 60 days, pending customary closing conditions. The anticipated net proceeds from these financial activities will support the existing business's growth, specifically in fulfilling smart cart orders and enhancing the client onboarding process, along with general working capital needs.

The offerings will proceed under a shelf registration statement on Form F-3 filed with the U.S. SEC, with the registrable securities being exclusively offered outside Canada. Notably, company insiders will participate in both offerings, contributing $525,000, with the transactions complying with exemptions from formal valuation and minority approval requirements according to Canadian regulations.