ATW Tech Inc. announced a non-brokered private placement of 19,500,000 units at an issue price of CAD 0.05 per share for gross proceeds of CAD 975,000 on May 1, 2023. The transaction will include participation from certain insiders, including senior officers and directors of the Corporation, are expected to subscribe for up to an aggregate of 5,000,000 units in the private placement. The transaction has been approved by the independent directors of the company.

The securities issued under the private placement will be subject to a four-month restricted trading period in accordance with the applicable securities legislation. In addition, the private placement is subject to the approval of the TSXV. The transaction is expected to close on or before May 31, 2023.