Item
1.01 Entry into a Material Definitive Agreement.
On
March 22, 2022, Biotricity, Inc. (the “Company”) entered into an At The Market Offering Agreement, or the ATM Agreement,
with H.C. Wainwright & Co., LLC, as sales agent, pursuant to which we may offer and sell, from time to time, through Wainwright shares
of our common stock, $0.001 par value per share.
Subject
to the terms and conditions of the ATM Agreement, Wainwright will use commercially reasonable efforts consistent with its normal trading
and sales practices to sell shares from time to time based upon our instructions, including any price, time or size limits specified
by us. Under the ATM Agreement, Wainwright may sell shares by any method deemed to be an “at the market” offering as defined
in Rule 415 under the U.S. Securities Act of 1933, as amended, including in privately negotiated transactions. Wainwright’s obligations
to sell shares under the ATM Agreement are subject to satisfaction of certain conditions. The Company will pay Wainwright a commission
of 3% of the aggregate gross proceeds from each sale of shares and has agreed to provide Wainwright with customary indemnification and
contribution rights. We also agreed to reimburse Wainwright for certain specified expenses of up to $50,000.
We
are not obligated to make any sales of our common stock under the ATM Agreement and no assurance can be given that we will sell any shares
under the ATM Agreement, or, if we do, as to the price or amount of shares that we will sell, or the dates on which any such sales will
take place. The ATM Agreement will terminate upon the earlier of (i) the sale of all shares under the ATM Agreement, or (ii) as provided
therein.
Sales
of shares of common stock under the ATM Agreement will be made pursuant to the registration statement on Form S-3 (File No. 333-255544),
which was declared effective by the U.S. Securities and Exchange Commission, or SEC, on May 4, 2021, and a related prospectus
supplement filed with the SEC on March 22, 2022, for an aggregate offering price of up to $50,000,000.
The
foregoing summary of the ATM Agreement does not purport to be complete and is qualified in its entirety by reference to the full text
of the ATM Agreement, which is filed herewith as Exhibit 10.1.
A
copy of the opinion of Sichenzia Ross Ference LLP relating to the legality of the issuance and sale of shares, is attached hereto as
Exhibit 5.1 to this current report on Form 8-K.
This
Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the ATM Agreement,
nor shall there be any sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
This
report contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions,
beliefs, expectations, strategies, predictions or any other statements related to our future activities, or future events or conditions.
These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made
by management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult
to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking
statements due to numerous factors, including those risks discussed in our Annual Report on Form 10-K and in other documents that we
file from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and we do not undertake
any obligation to update any forward-looking statement to reflect events or circumstances after the date of this report, except as required
by law.
