American Aires Inc. announced a non-brokered private placement of up to 7,844,000 units at a price of CAD 0.05 per unit for the gross proceeds of CAD 392,200 on March 21, 2023. Each unit is comprised of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share to be issued on the due exercise of the warrants at a price of CAD 0.05 per warrant share for 24 months from the date of the closing of the transaction.

All securities issued will be subject to a four month hold period from the date of issue. The company may pay a finder's fee of a portion of the proceeds raised of a cash commission equal to 8% of the aggregate gross proceeds from the sale of the units and finders warrants equal to 8% of the number of units sold in the transaction, exercisable for Units of the company. The transaction is subject to all customary regulatory and board approvals of the company.