American Aires Inc. announced a best efforts private placement of up to 3,158,000 units at an issue price of CAD 0.95 per unit for the gross proceeds of CAD 3,000,100 on May 8, 2024. Each Unit will be comprised of one common share and one common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one common share at an exercise price of CAD 1.20 per Warrant Share for a period of 5 years following the closing of the Offering.

The Offering is expected to close on or about May 16, 2024, or such other date as the Company and Eight Capital may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary Canadian Securities Exchange, regulatory and other approvals. The Offering is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued to Canadian resident subscribers in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. Upon closing of the Offering, the Company shall pay to Eight Capital a cash commission equal to 7% of the aggregate gross proceeds of the Offering; and (non-transferrable broker warrants of the Company exercisable at any time prior to the date that is 24 months following the closing of the Offering to acquire that number of Units equal to 7% of the number of Units issued under the Offering at an exercise price equal to the Issue Price.