Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) said it has established an at-the-market equity program that allows the company to issue and sell up to $10 million of common shares in the capital of the company from treasury to the public, from time to time, at the company's discretion.
The company said it expects to use the net proceeds from the ATM Program for capital expenditures; working capital; and general corporate purposes. The proposed capital expenditures include supporting the company's ongoing research and development efforts.
All common shares sold under the ATM program will be made through sales that are deemed to be at-the-market distributions as defined in National Instrument 44-102 -- Shelf Distributions through the NEO Exchange (NEO) or any other marketplace in Canada as defined under applicable securities laws.
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Distributions of the common shares under the ATM Program will be made under the terms of an equity distribution agreement dated May 5, 2022, entered into between the company and Echelon Wealth Partners Inc.
The volume and timing of distributions under the ATM Program, if any, will be determined at the company's sole discretion. The common shares will be distributed at the market prices prevailing at the time of each sale and, as a result, prices may vary as between purchasers and during the period of the ATM Program.
The ATM Program will be effective until the earlier of the issuance and sale of all of the common shares issuable under the program and the end of the effective period of the base shelf prospectus, unless terminated prior to such date by the company or the agent in accordance with the terms of the equity distribution agreement
Separately, Kontrol Technologies also said it will report its financial results for the three-month period ended March 31, 2022, on Monday, May 16, 2022. A call to discuss the financial results has been scheduled for Monday, May 16, 2022, at 8.30am Eastern Time.
The 45 minute event will be hosted by Paul Ghezzi, the company's CEO and Claudio Del Vasto, its CFO. Call-in Numbers: Local: 416-764-8609 (Toronto); North American Toll Free: 888-390-0605; Confirmation #: 26299379; Audience URL: https://produceredition.webcasts.com/starthere.jsp?ei=1547812&tp_key=f302d39375
Kontrol Technologies is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. The company provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
-- Adds statement on results release, call date --
Contact the author at jon.hopkins@proactiveinvestors.com