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DIRTT Environmental Solutions Ltd. — Capital/Financing Update 2022
Nov 24, 2022
47167_rns_2022-11-24_f5ca085a-80b6-4ec3-830d-d8d1aca832b3.pdf
Capital/Financing Update
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FORM 51-102F3
MATERIAL CHANGE REPORT
1. Name and Address of Corporation
DIRTT Environmental Solutions Ltd. (the "Corporation") 7303- 30th ST S.E. Calgary, Alberta T2C 1N6
2. Date of Material Change
November 14, 2022
3. News Release
A news release was issued by the Corporation on November 14, 2022 and disseminated through GlobeNewswire and filed on SEDAR.
4. Summary of Material Change
On November 14, 2022, the Corporation entered into irrevocable subscription agreements (the "Subscription Agreements") with 22 NW Fund, LP ("22NW"), 726 BC LLC and 726 PF LLC (together "726"), and all of the directors and executive officers of the Company to issue up to 8,871,494 common shares of the Corporation ("Common Shares") for gross proceeds of approximately US$3,000,000 (the "Private Placement").
5. Full Description of Material Change
5.1 Full Description of Material Change
On November 14, 2022, the Corporation entered into irrevocable subscription agreements with 22NW, 726, and all of the directors and executive officers of the Company to issue up to 8,871,494 Common Shares for gross proceeds of approximately US$3,000,000, at a subscription price equal to the greater of (i) the consolidated closing bid price of the Shares on the Nasdaq Global Select Market immediately preceding the entering into of the Subscription Agreements; and (ii) the volume weighted average trading price on the Toronto Stock Exchange for the five trading days immediately following the announcement of the Private Placement.
5.2 Disclosure for Restructuring Transactions
Not applicable.
6. Reliance on subsection 7.1(2) of NI 51-102
Not applicable.
7. Omitted Information
Not applicable.
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8. Executive Officer
Brad Little Chief Financial Officer [email protected] (403) 615-9079
9. Date of Report
November 24, 2022