NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, June 16, 2020 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) ("Water Ways" or the "Company") wishes to announce that, it has received conditional TSXV Venture Exchange (the “Exchange”) approval to amend (the “Amendment”) the exercise price (the “Exercise Price”) of the following previously issued warrants:
- 6,219,141 common share purchase warrants, exercisable into an equal number of common shares in the capital of the Company (“Common Shares”) at an exercise price of $0.40 (“Series 1 Warrants”); and
- 5,000,000 common share purchase warrants, exercisable into an equal number of Common Shares at an exercise price of $0.25 (the “Series 2 Warrants” and together with the Series 1 Warrants collectively, the “Warrants”).
The Exercise Price shall be amended to a new exercise price, in respect of all Warrants, of $0.06 (the “New Exercise Price”). As per the requirements of the Exchange, the Amendment will require the incorporation of an accelerated expiry provision such that the remaining exercise period of the Warrants will be reduced to 30 days (the “Acceleration Period”) if, for any 10 consecutive trading days (the “Premium Trading Days”) during the unexpired term of such of the Warrants, the closing price of the Common Shares exceeds the New Exercise Price by 25% or more (which would be a trading price of $0.075 per Common Share or higher), with the 30-day expiry period commencing on the day the Company either: (i) disseminates a press release or (ii) sends a written notice to the holders of the Warrants, advising of the commencement of the exercise period, provided that: (i) in both of the foregoing scenarios; or (ii) if the Company does not disseminate a press release or issue a written notice, the Acceleration Period shall commence automatically on that date that is no later than 7 calendar days after the tenth Premium Trading Day.
If you are a holder of Warrants and have not yet received written communication from the Company please log on to the company website https://www.water-ways-technologies.com/warrant-amendment/ and fill out the requisite forms.
About Water Ways Technologies
Water Ways has a number of operational subsidiaries:
Irri-Al-Tal Ltd., a wholly owned subsidiary of Water Ways Technologies, was incorporated on October 11, 2003, under the laws of the State of Israel.
Heartnut Grove WWT Inc., a wholly owned subsidiary of Water Ways Technologies, was incorporated on June 3, 2019, under the laws of the Province of Ontario.
H.D.P Irrigation Ltd., a company of which Irri-Al-Tal holds a 73% interest, was incorporated on October 27, 2019, under the laws of the State of Israel.
IRRI-AL TAL (Shanghai) Agriculture Technology Company Ltd., a wholly owned subsidiary of H.D.P, was incorporated on February 26, 2020, under the laws of the Republic of China.
For more information, please contact
Ronnie Jaegermann
Director
T: +972-54-4202054
https://www.water-ways-technologies.com/
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Water Ways. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Water Ways' current views and intentions with respect to future events, and current information available to Water Ways, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Water Ways in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Water Ways does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Water Ways undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Water Ways' results and forward-looking information and calculations may be affected by fluctuations in exchange rates. All figures are in Canadian dollars unless otherwise indicated.