Aurora Solar Technologies Inc. (TSXV:ACU) agreed to acquire BT Imaging Pty Ltd for CAD 16.2 million on March 3, 2022. Aurora Solar will issue a maximum of 81 million shares, which is segmented into a fixed price of CAD 13.2 million and a variable price of CAD 2.8 million, the variable component being subject to the business performance of BT Imaging. The shares issued will be held in escrow and will be released in equal tranches at fourth, tenth and sixteenth month from the completion. The transaction is subject to approval by TSX Venture Exchange and consummation of due diligence investigation. The transaction has been approved by the board of Aurora Solar and by majority of BT Imaging's shareholders. The transaction is expected to close on or about May 31, 2022. Stifel Nicolaus Canada Inc. acted as financial advisor to Aurora Solar Technologies Inc. Bill Fuggle and Natasha Schot of Baker & McKenzie LLP acted as legal advisor to Aurora Solar Technologies Inc. As of June 1, 2022 Transaction is now expected to close on or before June 30, 2022. As of July 5, 2022, it is expected to close on or before July 29, 2022. The Offering may be increased at the discretion of the Company by up to 25% as an overallotment option. The Company is pleased to announce the appointment of David Robinson to the Board of Directors, effective May 12, 2022. As of July 28, 2022, The terms of the Acquisition have been amended such that the total consideration to be issued by Aurora to BTi shareholders will be 62.9693 million common shares and CAD 1.2053 million in cash. The closing of the transaction is at an advanced stage of closing and is scheduled on or before August 12, 2022.


Aurora Solar Technologies Inc. (TSXV:ACU) completed the acquisition of BT Imaging Pty Ltd on August 25, 2022.