KNRLF - Kontrol Technologies to raise C$5M in equity private placement

• Kontrol Technologies ( OTCQB:KNRLF ) announced a proposed private placement of units for gross proceeds of up to $5M; each unit will consist of one share or one share equivalent and one share purchase warrant for a purchase price of $0.65.
• Each warrant will be exercisable immediately and will entitle the holder thereof to purchase one share at an exercise price of $0.81 for a period of five years from issuance date.
• The common share equivalents to be issued will be pre-funded with $0.649/common share equivalent, requiring an additional $0.001/common share equivalent to have it converted into a common share.
• The private placement is expected to consist of 7.7M units with underlying securities consisting of 5.4M shares, 2.3M share equivalents and 7.7M warrants.
• Net proceeds to be used for sales, marketing, research and development, debt retirement and working capital requirements.
• The company also agreed to the re-pricing of 1.21M warrants that were issued in June 2021 with an original exercise price of $1.75.

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