NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2017) - Aurora Solar Technologies Inc. ("Aurora")("Company") ("Issuer") (TSX VENTURE:ACU)(OTCBB:AACTF)(FRANKFURT:A82) is pleased to announce that it has closed a non-brokered private placement of 8,839,556 units ("Units") at a price of $0.18 per Unit for gross proceeds of $1,591,120. Each Unit consists of one common share (a "Share") and one half share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one additional Share (a "Warrant Share") for a period of 24 months at a price of $0.30 per Warrant Share. The Warrants are subject to acceleration, at the option of the Issuer, in the event the trading price, on the Exchange, of the common shares of the Issuer closes at or above CDN$0.40 per common share for 10 consecutive trading days at any time after four months from closing date.
The Company paid a finder's fee consisting of $102,445 and 569,138 warrants with each warrant entitling the holder to purchase one Share for a period of 24 months at a price of $0.30 per Share.
All securities will be subject to a 4-month hold period which expires July 31, 2017. The funds will be used for working capital to expand delivery and support operations as well as for general corporate purposes.
Subject to the acceptance by the TSX Venture Exchange, the Company will issue 300,000 shares in lieu of accrued salary to employees of the Company as well as issue 1,550,000 options to employees and directors of the Company exercisable at $0.21 for a period of five years.
About the Company:
Aurora's mission is to deliver exceptional results to the photovoltaic industry through measurement and control of critical processes during solar cell manufacturing.
We measure and map the results of critical cell fabrication processes, providing real-time visualization of material properties and true production tool performance. Our products provide process engineers and production-line operators with the means to rapidly detect and correct process excursions, material faults, limit variations, and optimize processes, thereby eliminating yield-reducing and profit-killing product variation.
We are creating the standard for quality control systems for the global photovoltaic industry.
Headquartered in North Vancouver, Canada, and founded by experienced leaders in process measurement, semiconductor manufacturing and industrial automation, the Company's shares are listed on the TSX Venture Exchange and trade under the symbol "ACU". The Company was formerly "ACT Aurora Control Technologies". For more information, Aurora's website is located at www.aurorasolartech.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forwardlooking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. The Company does not assume the obligation to update any forwardlooking statement.