DIRTT launches C$30M rights offering backed by insiders 22NW and 726

DIRTT ENVIRONMENTAL SOLUTIONS LTD

Rights offering for C$30M (85.7M shares) at C$0.35/share; record date Dec 12, 2023; rights expire Jan 5, 2024.
Standby Purchase Agreement with 22NW and 726 ensures full C$30M; each backstops up to C$15M.
Proceeds to reduce convertible debentures, lease facilities, equipment debt, and for general corporate purposes.
22NW and 726 hold ~20.4% and ~16.2% of shares respectively; directors Aron English and Shaun Noll are associated.
Standby purchasers receive no fee; reimbursement of legal expenses up to C$30,000 each.

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 Standby Purchase Agreement with 22NW Fund, LP and 726 BC LLC and 726 BF LLC valued at C$30,000,000 (effective 2023-11-20).

Action: entry
Agreement: equity purchase
Counterparty: 22NW Fund, LP and 726 BC LLC and 726 BF LLC
Value: C$30,000,000
Effective: 2023-11-20

Exact text from the filing

on November 20, 2023, the Company entered into a Standby Purchase Agreement (the “Standby Purchase Agreement”) with 22NW Fund, LP (“22NW”) and 726 BC LLC and 726 BF LLC (collectively, “726” and together with 22NW, the “Standby Purchasers”).

View on SEC.gov

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DIRTT ENVIRONMENTAL SOLUTIONS LTD filing history →

Source: SEC EDGAR

accession 0001193125-23-283393

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