dynaCERT Appoints Shmuel Farhi to the Advisory Board and Closes Private Placement
04 August 2017 - 1:50AM
dynaCERT Inc. (TSX VENTURE:DYA) (OTCQB:DYFSF) ("dynaCERT" or
the "Company") is pleased to announce that Shmuel Farhi, real
estate businessman, is joining the Company’s Advisory Board.
Mr. Farhi completed his business degree at
Technion (Israel Institute of Technology) in Tel Aviv and joined
his father’s insurance company before seeking opportunities of his
own in North America. In 1988, Mr. Farhi founded Farhi
Holdings Corporation and owns and manages more than four million
square feet across Ontario. He is known as a consummate
dealmaker and a passionate supporter of downtown revitalization and
heritage preservation.
A Farhi family member has subscribed for one
million units in the current private placement, representing an
investment of $700,000. The Farhi family currently holds over 10
million shares of dynaCERT.
Shmuel Farhi stated, "I’m very excited and
optimistic about the present and future outlook of dynaCERT. I have
great confidence in the management team and believe that dynaCERT’s
carbon emission reduction technologies will play a positive role in
the energy sector on a global scale.”
Jim Payne, President & CEO of dynaCERT,
states, “We are pleased to enhance the Advisory Board with the
addition of Shmuel Farhi. The Farhi family have been long time
shareholders of dynaCERT and are demonstrating their further
commitment by increasing their investment in the current offering.
As a successful businessman and entrepreneur, Mr. Farhi’s knowledge
and connections within the business community will be invaluable to
the Company.”
dynaCERT Announces Closing of Private
Placement
The Company also announces that it has raised
gross proceeds of $3,000,000 of the non-brokered private placement
previously announced on July 28, 2017, and has issued 4,285,712
Units at $0.70 per Unit. Each Unit consists of one common
share and one-half common share purchase warrant. Each whole
warrant is exercisable at $1.00 for a period of twenty-four months
from closing. The warrants include an acceleration clause to
the effect that if at any time after four months and one day
following the issuance of the warrants, the closing trading price
of the common shares on the TSX Venture Exchange (the "Exchange")
is greater than $1.75 per common share for a period of ten
consecutive trading days, then dynaCERT may give notice to the
holder of the warrants of its intention to force the exercise of
the warrants, following which the holder thereof shall have a
period of 30 days to exercise the warrants, failing which the
warrants will automatically expire.
Finder’s fees payable in connection with the
closing consist of a cash payment equal to 7% of cash raised and a
number of finder's fee warrants that is equal to 7% of the number
of warrants issued pursuant to certain orders in the private
placement, for a total of $22,890 and 16,350 finder's fee
warrants. Each finder’s fee warrant is exercisable to acquire
a common share at a price of $1.00 for a period of twenty-four
months from closing.
All of the securities issued under the private
placement are subject to a four month resale restriction. The
private placement is subject to receipt of all necessary regulatory
approvals including the final approval of the Exchange.
Proceeds from the private placement will fund
working capital purposes and research and development.
About dynaCERT Inc. dynaCERT
Inc. manufactures, distributes, and installs Carbon Emission
Reduction Technology for use with internal combustion
engines. Our patent-pending technology creates hydrogen and
oxygen on-demand through electrolysis and supplies these additives
through the air intake to enhance combustion, resulting in lower
carbon emissions and greater fuel efficiency. Our technology
is currently in use with on-road applications. Website:
www.dynaCERT.com.
READER ADVISORYExcept for
statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. In particular, forward-looking information in
this press release includes, but is not limited to, statements with
respect to the proposed use of proceeds from the private
placement. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the
actual results achieved will be the same, in whole or in part, as
those set out in the forward-looking information.
Forward-looking information is based on the
opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could
cause the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
uncertainty as to whether our strategies and business plans will
yield the expected benefits; availability and cost of capital; the
ability to identify and develop and achieve commercial success for
new products and technologies; the level of expenditures necessary
to maintain and improve the quality of products and services;
changes in technology and changes in laws and regulations; the
uncertainty of the emerging hydrogen economy; including the
hydrogen economy moving at a pace not anticipated; our ability to
secure and maintain strategic relationships and distribution
agreements; and the other risk factors disclosed under our profile
on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as
exhaustive.
The forward-looking information contained in
this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
Neither 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 the release.
On Behalf of the
BoardMurray James Payne, CEO
For more information, please contact:
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
(416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
(416) 766-9691 x 1
ir@dynaCERT.com
DynaCERT (TSXV:DYA)
Historical Stock Chart
From Apr 2024 to May 2024
DynaCERT (TSXV:DYA)
Historical Stock Chart
From May 2023 to May 2024