dynaCERT Inc. dynaCERT or the Company is delighted to report that its previously disclosed fully-subscribed arm’s length non-brokered offering for aggregate gross proceeds of $2,000,000 the Offering has concluded. The Company has issued one Unit at a price of $2,000,000 per Unit, such Unit consisting of (a) one (1) Convertible Note maturing on December 31, 2023 and convertible in whole or in part at the option of the holder into 6,666,667 common shares of the Company the Shares at a conversion price of $0.30 per Share; and (b) 666,667 common share purchase warrants the Warrants.
Each Warrant entitles the holder to purchase one (1) Share at an exercise price of $0.30 per Share on or before March 31, 2026, subject to a 30-day notice of acceleration expiry at the option of the Company at any time if the closing price of the Company’s Shares on the Toronto Stock Exchange is greater than $0.45 for any ten consecutive trading days during the unexpired term of such Warrants.
The Offering’s net proceeds will be used for working capital.
In accordance with applicable securities laws, the Convertible Note and all Warrants issued under the Offering (along with any Shares issued upon conversion of the Convertible Note or exercise of the Warrants) will be subject to a four (4) month plus one (1) day hold period that will expire four (4) months plus one (1) day after the date of Closing, which is August 19, 2023. In relation to the Offering, no commissions or finders fees are payable. Post-closing papers have been submitted for final approval to the Toronto Stock Exchange.
The securities offered herein have not been and will not be registered under the Securities Act of 1933 the 1933 Act and may not be offered or sold in the United States or to U.S. persons.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines.
As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency.
Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment.