DIRTT settles contested election costs with 726 by issuing 638,996 shares; closes $2.8M private placement

DIRTT ENVIRONMENTAL SOLUTIONS LTD

Issued 638,996 common shares to 726 BC LLC and 726 BF LLC at $0.32/share to settle $204,479 in legal fees from 2022 contested director election.
726 now beneficially owns >10% of DIRTT common shares; Shaun Noll, a DIRTT director, serves as President/CIO of 726.
Closed private placement to insiders at $0.32/share for aggregate gross proceeds of ~$2.8M, including the shares issued to 726.
Net proceeds to be used for additional liquidity to support strategic initiatives.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DIRTT ENVIRONMENTAL SOLUTIONS LTD entered into Release with 726 BC LLC and 726 BF LLC (together, “726”) (effective 2022-11-30).

Action: entry
Agreement: settlement
Counterparty: 726 BC LLC and 726 BF LLC (together, “726”)
Effective: 2022-11-30

Exact text from the filing

The Company and 726 executed a Release, dated November 30, 2022 (the “Release”), which released and discharged the Company from any claims for legal fees or other expenses incurred by 726 in connection with the Company’s contested director elections in 2022.

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DIRTT ENVIRONMENTAL SOLUTIONS LTD filing history →

Source: SEC EDGAR

accession 0001193125-22-295517

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