The i stitutio al i vesto p eviously a ou ced (the “
The I vesto ‘s subsc iptio amou t will be educed dolla fo dolla by the amou t of a y i debted ess o accou ts payable of the Compa y settled i P efe ed Sha es by othe c edito s at closi g, such that the agg egate size of the Fi a ci g emai s C$7,600,000. The Compa y a ticipates issui g a agg egate of app oximately 1,788,235 P efe ed Sha es at closi g.
The P efe ed Sha es will be issued at a subsc iptio p ice of C$4.25 pe P efe ed Sha e. The Ca adia Secu ities Excha ge (the “
A po tio of the agg egate subsc iptio amou ts, bei g app oximately C$3.85 millio , will be satisfied th ough the settleme t of a co ve tible debe tu e of the Compa y held by the I vesto . I additio , the Compa y will settle app oximately C$220,000 of othe i debted ess a d accou ts payable owi g to c edito s of the Compa y, a d C$518,704 of acc ued a d u paid sala y owi g to th ee membe s of the Compa y’s ma ageme t, i each case i excha ge fo P efe ed Sha es at C$4.25 pe P efe ed Sha e. The bala ce of the Fi a ci g, bei g app oximately C$3 millio , will be eceived by the Compa y i cash. Togethe , the Fi a ci g is expected to educe the Compa y’s liabilities a d i c ease its sha eholde s’ equity by a agg egate of app oximately C$7,600,000, which the Compa y expects will satisfy the applicable Nasdaq sha eholde s’ equity listi g sta da d.
The pa ticipatio i the Fi a ci g by F a cis Létou eau, Chief Executive Office a d a di ecto of the Compa y, James Bailey, Chief Fi a cial Office , a d David Ch istophe Pa so s, Chief Tech ology Office , by way of the settleme t of a agg egate of C$518,704 of acc ued a d u paid sala y, co stitutes a ” elated pa ty t a sactio ” withi the mea i g of Multilate al I st ume t 61-101 – P otectio of Mi o ity Secu ity Holde s i Special T a sactio s (“
The Fi a ci g is expected to close o o befo e August 14, 2026, subject to the satisfactio o waive of customa y closi g co ditio s, i cludi g the fili g a d accepta ce of the otice of alte atio , eceipt of the accepta ce of the CSE a d eceipt of all ecessa y egulato y app ovals.
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F a cis Létou eau,Di ecto a d CEO
This ews elease co tai s fo wa d-looki g stateme ts a d fo wa d-looki g i fo matio withi the mea i g of applicable Ca adia a d U ited States secu ities legislatio (collectively, “fo wa d-looki g stateme ts”). Fo wa d-looki g stateme ts a e ofte , but ot always, ide tified by the use of wo ds such as “a ticipates,” “expects,” “i te ds,” “pla s,” “believes,” “seeks,” “estimates,” “p ojects,” “ta gets,” “will,” “may,” “would,” “could,” “should” a d simila exp essio s, o by stateme ts that ce tai actio s, eve ts o esults may, could, would o will be take , occu o be achieved. All stateme ts othe tha stateme ts of histo ical fact a e fo wa d-looki g stateme ts.
Fo wa d-looki g stateme ts i this ews elease i clude, without limitatio , stateme ts ega di g: (i) the a ticipated completio of the Fi a ci g, the timi g the eof a d the expectatio that closi g will occu o o befo e August 14, 2026; (ii) the agg egate size of the Fi a ci g, the umbe of P efe ed Sha es, A Wa a ts a d B Wa a ts to be issued, the allocatio of the agg egate subsc iptio amou t betwee cash a d the settleme t of i debted ess a d accou ts payable, a d the umbe of commo sha es issuable o co ve sio of the P efe ed Sha es a d o exe cise of the wa a ts; (iii) the eductio of the I vesto ‘s subsc iptio amou t, dolla fo dolla , by the amou t of a y i debted ess o accou ts payable settled i P efe ed Sha es by othe c edito s at closi g, a d the expectatio that the agg egate size of the Fi a ci g will emai C$7,600,000; (iv) the a ticipated settleme t of the co ve tible debe tu e, of othe i debted ess a d accou ts payable, a d of acc ued a d u paid sala y owi g to membe s of ma ageme t, a d the expected amou ts the eof, which va y with the closi g date as i te est co ti ues to acc ue o the co ve tible debe tu e; (v) the expectatio that the Fi a ci g will educe the Compa y’s liabilities a d i c ease its sha eholde s’ equity by a agg egate of app oximately C$7,600,000 a d will satisfy the applicable Nasdaq sha eholde s’ equity listi g sta da d; (vi) the availability of the exemptio s f om the fo mal valuatio a d mi o ity app oval equi eme ts i sectio s 5.5(a) a d 5.7(1)(a) of MI 61-101 a d the basis o which they a e elied upo ; (vii) the fili g of the otice of alte atio with the Regist a of Compa ies fo the P ovi ce of B itish Columbia a d the effective ess of the ame ded a d estated special ights a d est ictio s attachi g to the P efe ed Sha es, i cludi g the co ve sio p ice of C$5.00 pe commo sha e a d the ci cumsta ces i which that co ve sio p ice may cha ge; (viii) eceipt of the accepta ce of the CSE a d of all othe ecessa y egulato y a d stock excha ge app ovals; (ix) the expected use of the et cash p oceeds of the Fi a ci g; (x) the e te i g i to a d fili g of the egist atio ights ag eeme t a d the fili g of a esale egist atio stateme t with the SEC withi the timeli es specified the ei ; (xi) the a ticipated listi g a d comme ceme t of t adi g of the Compa y’s commo sha es o the Nasdaq Capital Ma ket; a d (xii) the Compa y’s busi ess st ategy, g owth objectives a d ability to expa d its NaaS ope atio s ac oss Af ica.
Fo wa d-looki g stateme ts a e based o the beliefs, expectatio s a d opi io s of ma ageme t of the Compa y as of the date of this ews elease, a d o a umbe of assumptio s, i cludi g, without limitatio , that: the Fi a ci g will close o o befo e August 14, 2026 o the te ms desc ibed he ei ; the I vesto a d the othe subsc ibe s will fu d a d complete thei espective subsc iptio s; the amou t of i debted ess a d accou ts payable settled i P efe ed Sha es will be as desc ibed he ei ; the otice of alte atio will be filed a d accepted by the Regist a of Compa ies fo the P ovi ce of B itish Columbia p io to closi g; the CSE will accept the Fi a ci g a d will ot equi e a y fu the cha ge to the p ici g o te ms of the P efe ed Sha es o the wa a ts; the Compa y’s co fide tial p ice p otectio will ot expi e p io to closi g; the Compa y will satisfy the Nasdaq sha eholde s’ equity listi g sta da d o completio of the Fi a ci g a d will satisfy all othe applicable Nasdaq i itial listi g sta da ds; the adjustme ts made by the Compa y i calculati g its p o fo ma sha eholde s’ equity a d mo thly ope ati g bu will be accepted; o mate ial adve se cha ge will occu ; a d ge e al eco omic, ma ket a d busi ess co ditio s will ot dete io ate.
Fo wa d-looki g stateme ts a e subject to a umbe of k ow a d u k ow isks, u ce tai ties a d othe facto s that may cause actual esults, pe fo ma ce o achieveme ts to diffe mate ially f om those exp essed o implied by such fo wa d-looki g stateme ts, i cludi g, without limitatio : (i) the isk that the Fi a ci g may ot be completed o the te ms desc ibed he ei , o at all, i cludi g as a esult of the failu e to satisfy o obtai a waive of a y co ditio of closi g; (ii) the isk that the Fi a ci g may ot be completed o o befo e August 14, 2026, bei g the date to which the CSE has exte ded the Compa y’s co fide tial p ice p otectio , i which case the Fi a ci g may be equi ed to be ep iced a d the te ms desc ibed he ei may cha ge; (iii) the isk that the CSE may ot accept the Fi a ci g, o may equi e fu the cha ges to the p ice, the co ve sio te ms of the P efe ed Sha es o the te ms of the wa a ts; (iv) the isk that the otice of alte atio may ot be filed o accepted p io to closi g, i which case o P efe ed Sha es may be issued; (v) the isk that the actual amou t of i debted ess a d accou ts payable settled i P efe ed Sha es diffe s f om the amou ts desc ibed he ei , with the esult that the cash p oceeds eceived by the Compa y, the umbe of P efe ed Sha es issued to the I vesto a d the umbe of B Wa a ts issued may diffe ; (vi) the isk that the amou t of the co ve tible debe tu e settled at closi g will diffe f om the amou t desc ibed he ei because i te est co ti ues to acc ue at C$1,594.55 pe day u til the closi g date; (vii) the isk that, otwithsta di g completio of the Fi a ci g, the Compa y may ot satisfy the Nasdaq sha eholde s’ equity listi g sta da d o a y othe applicable Nasdaq i itial listi g sta da d, i cludi g as a esult of co ti ued ope ati g losses o of Nasdaq ot accepti g the adjustme ts made by the Compa y i calculati g its p o fo ma sha eholde s’ equity; (viii) the isk that the Compa y’s commo sha es may ot be app oved fo listi g, o may ot comme ce t adi g, o the Nasdaq Capital Ma ket o a timely basis o at all; (ix) the isk that the co ditio s to closi g fo the exclusive be efit of the I vesto , i cludi g eceipt of co fi matio f om Nasdaq, may ot be satisfied o waived; (x) the isk that the exemptio s elied upo u de MI 61-101 may ot be available, o that additio al disclosu e, a fo mal valuatio o mi o ity app oval may be equi ed; (xi) the isk that the Compa y may ot satisfy its obligatio s u de the egist atio ights ag eeme t withi the timeli es specified the ei , a d the co seque ces of a y failu e to do so; (xii) dilutio to holde s of commo sha es esulti g f om the co ve sio of the P efe ed Sha es, the acc ual of paid-i -ki d divide ds the eo a d the exe cise of the wa a ts; (xiii) the isk that the Compa y may equi e additio al fi a ci g followi g completio of the Fi a ci g, a d that such fi a ci g may ot be available o acceptable te ms o at all; (xiv) isks elati g to the Compa y’s ability to co ti ue to deploy a d ope ate etwo k i f ast uctu e i multiple Af ica ju isdictio s, i cludi g egulato y, political, cu e cy, cou te pa ty a d ope atio al isks; (xv) fluctuatio s i the excha ge ate betwee the Ca adia dolla a d the U ited States dolla , which affect the amou ts p ese ted he ei a d the Compa y’s p o fo ma sha eholde s’ equity as measu ed agai st the Nasdaq sta da d; a d (xvi) ge e al eco omic, ma ket a d busi ess co ditio s.
Although the Compa y believes that the assumptio s u de lyi g the fo wa d-looki g stateme ts a e easo able, u due elia ce should ot be placed o fo wa d-looki g stateme ts, which a e i he e tly u ce tai a d a e based o i fo matio available to ma ageme t as of the date he eof. Actual esults may diffe mate ially. The fo wa d-looki g stateme ts co tai ed i this ews elease a e exp essly qualified i thei e ti ety by this cautio a y stateme t. The Compa y does ot u de take a y obligatio to update publicly o evise a y fo wa d-looki g stateme ts, whethe as a esult of ew i fo matio , futu e eve ts o othe wise, except as equi ed by applicable secu ities laws.
