TORONTO, May 14, 2020 (GLOBE NEWSWIRE) — Water Ways Technologies Inc. (TSXV: WWT) (“Water Ways” or the “Company“) provides the following correction to its press release dated April 16, 2020 (the “Initial PR”): The information contained in the Initial PR with respect to the extension date of certain previously issued warrants was incorrect and the warrants listed in the Initial PR have expired.
The Company wishes to announce that, subject to receiving the approval of the TSXV Venture Exchange (the “Exchange”), it intends to amend (the “Amendment”) the exercise price of 6,219,141 common share purchase warrants, exercisable into an equal amount 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 amount of Common Shares at an exercise price of $0.25 (the “Series 2 Warrants” and together with the Series 1 Warrants collectively, the “Warrants”) to an 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 if, for any 10 consecutive 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.
The Company also wishes to announce that in accordance with the terms of its stock option plan (the “SOP”) it has granted 200,000 stock options (“Options”) to each of its directors as well as its Chief Financial Officer, for an aggregate of 1,200,000 Options. The Options shall have an exercise price of $0.06 and shall vest in two equal installments, with one-half of the Options vesting immediately (the “Initial Date”) and one-half vesting on the 12-month anniversary of the Initial Date. The Options shall expire five years from the Initial Date of grant and be subject to such terms and conditions as may be required by the Exchange.
Additionally, the Company announces that, subject to receiving Exchange approval, it intends to reprice a total of 2,973,527 stock options (the “May 2019 Options”), previously issued in accordance with the terms of the SOP. The May 2019 Options previously had an exercise price of $0.25 which will be adjusted to the New Exercise Price. None of the May 2019 Options are held by directors of the Company.
Shares for Debt
Lastly, the Company wishes to advise that in order to conserve cash it has agreed to issue 150,000 Common Shares at a deemed price of $0.05 per Common Share to settle a debt to an arms length service provider (the “SP”). The issuance of the Common Shares to the SP is subject to the approval of the Exchange. All securities issued to the SP will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
Water Ways is the parent company of Irri-Al-Tal Ltd. (“IAT“), an Israeli based agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. IAT competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. At present, IAT’s main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. IAT was founded in 2003 by Mr. Ohad Haber with a view of capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America. IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.