Aisix Solutions Inc. Announces Closing of Non-Brokered Private Placement for $500,000

Rhea-AI Summary

Aisix Solutions Inc. (TSXV: AISX), a climate risk and data-analytics solutions provider, has closed a non-brokered private placement of 16,666,666 common shares at $0.03 per share, raising $500,000. The proceeds will be used for working capital and general corporate purposes. The shares are subject to a four-month and one day hold period.

CEO Mihalis Belantis subscribed for 4,100,000 shares, constituting a related party transaction. The company relied on exemptions from formal valuation and minority shareholder approval requirements. Post-offering, Belantis owns or controls 14,800,000 shares and 2,000,000 options, representing approximately 14.53% of outstanding shares on a partially diluted basis.

Positive

• Raised $500,000 in capital through private placement
• CEO participation in the offering, potentially indicating confidence in the company

Negative

• Dilution of existing shareholders due to issuance of new shares
• Related party transaction with CEO's participation in the offering

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - Aisix Solutions Inc. (TSXV: AISX) (the "Company" or "Aisix Solutions"), an emerging global climate risk and data-analytics solutions provider, is pleased to announce that it has closed its non-brokered private placement (the "Offering") of 16,666,666 common shares of the Corporation (the "Common Shares") at a price per Common Share of $0.03 for aggregate proceeds of $500,000. The Company intends to use the gross proceeds from the Offering for working capital, as well as general corporate purposes.

The Common Shares issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws and TSX Venture Exchange policies.

Director and Chief Executive Officer of the Company, Mihalis Belantis subscribed for 4,100,000 Common Shares. Mr. Mihalis is considered a related party for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), and his purchase of Common Shares constitutes a "related party transaction" within the meaning of MI 61-101. The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a), respectively, on the basis that at the time the issuances were agreed to, neither the fair market value of the securities to be distributed to Mr. Mihalis, nor the consideration to be received for the securities, exceeds 25 per cent of the Company's market capitalization. The Board of Directors of the Company has, subject to the appropriate recusal of the interested directors, unanimously approved the issuance and no materially contrary view or abstention was expressed or made by any director in relation to the issuances. The Company has not filed a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and the participants thereof had not yet been finalized.

Prior to the Offering, Mr. Mihalis owned, or had control or direction over 10,700,000 Common Shares, and 2,000,000 options to purchase Common Shares ("Options"), representing approximately 12.83% of issued and outstanding Common Shares on a partially diluted basis. After in the closing of the Offering, Mr. Belantis owns, or has control over 14,800,000 Common Shares and 2,000,000 Options, representing approximately 14.53% of the issued and outstanding Common Shares on a partially diluted basis. This disclosure is being included pursuant National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under the Company's profile on SEDAR+ containing additional information respecting the foregoing matters.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Aisix Solutions

Aisix Solutions, is a leading global climate risk and data-analytics solutions provider trusted by organizations seeking a more predictive future. Leveraging the advancements of artificial intelligence, data analytics, and risk assessment, Aisix Solutions is on a mission to provide accurate assessments to help people, businesses and governments effectively analyze, manage, and mitigate climate-related risks. By empowering organizations with real-time insights, Aisix Solutions aims to foster resilience and sustainability in the face of climate change.

For further information:
Mihalis Belantis, Chief Executive Officer
+1 (604) 620-1051
investors@aisix.ca

Forward-Looking Statements

Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, the "forward-looking statements") within the meaning of Canadian securities laws, and is subject to numerous risks, uncertainties, and assumptions, many of which are beyond the Company's control. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information, including the use of proceeds of the Offering. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Media Contact

media@aisix.ca

Investor Relations

investors@aisix.ca

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226845

FAQ

How much did Aisix Solutions (AISXF) raise in its recent private placement?

Aisix Solutions raised $500,000 through a non-brokered private placement of 16,666,666 common shares at $0.03 per share.

What is the purpose of the funds raised by Aisix Solutions (AISXF) in this offering?

The company intends to use the gross proceeds from the offering for working capital and general corporate purposes.

How many shares did CEO Mihalis Belantis acquire in Aisix Solutions' (AISXF) private placement?

CEO Mihalis Belantis subscribed for 4,100,000 common shares in the private placement.

What percentage of Aisix Solutions (AISXF) does CEO Mihalis Belantis own after the private placement?

After the offering, Mihalis Belantis owns or controls approximately 14.53% of the issued and outstanding common shares on a partially diluted basis.