Aurora Solar Technologies Inc. announced that it entered into an agreement to issue 20,000,000 units at the price of CAD 0.10 per unit for gross proceeds of up to CAD 2,000,000 on July 5, 2022. Each unit will consist of one common share of the company and one common share purchase warrant of the company. Each whole warrant shall entitle the holder thereof to acquire one common share in the capital of the company at a price of CAD 0.20 per warrant share, until the date which is 1 year following the closing date.

The offering may be increased at the discretion of the company by up to 25% as an overallotment option. In connection with the offering, finders may be paid a cash commission of 7.5% and a number of finders' warrants equal to 7.5% of the units sold to investors introduced by the finder, each such finder's warrant entitling the holder to purchase one common share of the company at a price of CAD 20 for a term of one year. All securities issued in connection with the offering will be subject to a four-month-and-one-day statutory hold period.

The offering is subject to compliance with applicable securities laws and approval of the TSX Venture Exchange.