Seattle, Washington–(Newsfile Corp. – September 20, 2023) – 22NW Fund, LP (“22NW“) announced today that it has purchased through private sales $10,426,837 CAD of the 6.00% convertible unsecured subordinated debentures due 2026 and $6,836,048 CAD of the 6.25% convertible unsecured subordinated debentures due 2026 (collectively, the “Purchased Debentures“) of DIRTT Environmental Solutions Ltd. (“DIRTT“). The Purchased Debentures were issued by DIRTT under its first supplemental indenture dated as of January 25, 2021 (the “Indenture“). Pursuant to the Indenture, the Purchased Debentures can be converted at the option of 22NW at any time before certain specified dates into 7,314,885 common shares of DIRTT (“Shares“). The purchases of the Purchased Debentures were made in accordance with section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.
In the event 22NW converted the Purchased Debentures into Shares pursuant to the Indenture, 22NW would own 28,671,295 Shares, representing 25.7% of the issued and outstanding Shares, and 22NW and joint actors would own 30,451,114 Shares, representing 27.2% of the issued and outstanding Shares (including in the outstanding share calculations the Shares issued upon conversion of the Purchased Debentures).
Depending on market conditions and other factors, 22NW may in the future increase or decrease its ownership, control or direction over Shares or debentures of DIRTT through market transactions, private agreements or otherwise.
FOR MORE INFORMATION
For further information or to receive a copy of the report filed in connection with this press release, please see DIRTT’s profile on the SEDAR website (http://www.sedar.com) and its US filings that are available at no charge on the Securities and Exchange Commission’s website (http://sec.gov), or contact Aron English at 206-227-3078 or [email protected].
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181250
