A2Z Advanced Solutions Ltd. completed the acquisition of ECC Ventures 1 Corp. (TSXV:EONE.P) (ECC1) in a reverse merger transaction.
As a condition to completing the acquisition, the parties intend to complete a private placement financing of subscription receipts through a subsidiary of the ECC1 to raise up to CAD 0.5 million, through the issuance of up to 1 million subscription receipts at a price of CAD 0.50 per subscription receipt. If the transaction is not completed on or before December 31, 2019, the financing proceeds will be returned to the subscribers. On completion of the proposed acquisition, the company's Board of Directors and management team will be reconstituted to consist of four directors determined by A2Z, including the individuals, Ben Tsur Joseph as President as Chief Executive Officer and Director, Adam Weinbaum as Chief Financial Officer, Amnon Peleg as Chief Technology Officer alongside Vered Lotan and Yossi Tobur as Directors. Details of the fourth Director will be announced at a later date. Scott Ackerman, will continue to serve as the ECC1's corporate secretary.
Completion of the acquisition is subject to a number of conditions, including exchange acceptance, the completion of due diligence investigations to the satisfaction of each of ECC1 and A2Z, the execution of the definitive agreement, approval by A2Z shareholders, listing / approval of new shares on stock exchange, resignation of directors of ECC Ventures, completion of private placement transaction and Israeli regulatory approvals. A2Z Board of Directors has unanimously approved the transaction. As of October 25, 2019, the transaction obtained a final order from the Supreme Court of British Columbia. Norton Rose Fulbright Canada LLP acted as legal advisor to A2Z. Cassels Brock & Blackwell LLP acted as legal advisor, Davidson & Company LLP acted accountant and Computershare Trust Company of Canada acted transfer agent to ECC1.
A2Z Advanced Solutions Ltd. completed the acquisition of ECC Ventures 1 Corp. (TSXV:EONE.P) (ECC1) in a reverse merger transaction on December 18, 2019. ECC Ventures completed the consolidation of its issued and outstanding common shares on the basis of 1 post-consolidation common share for each 1.4 pre-consolidation common share. The combined entity will now operate as A2Z Technologies Canada Corp. The shares of the combined entity are expected to commence trading on the TSX Venture Exchange under the symbol AZ on or about December 23, 2019. The board of the merged entity will consist of Ben Tsur Joseph as President as Chief Executive Officer and Director, Robert Chisholm as Chief Financial Officer, Amnon Peleg as Chief Technology Officer, Vered Lotan and Scott Ackerman as Directors and Sam Cole as Corporate Secretary.