Danavation Technologies Corp. announced a non-brokered private placement of up to 10,000,000 units in the capital of the company at a price of CAD 0.20 per unit for gross proceeds of up to CAD 2,000,000 on April 6, 2023. Each unit consists of one common share in the capital of the company and one-half of a common share purchase A warrant and one-half of a common share purchase B warrant.

Each whole A Warrant shall entitle the holder thereof to purchase one Common Share at a price of CAD 0.30 per common share for a period of 12 months from the closing date of the Private Placement. Each whole B Warrant shall entitle the holder thereof to purchase one Common Share at a price of CAD 0.40 per common share for a period of 24 months from the closing date of the transaction. The transaction will include participation from Sean Harvey for CAD 1,000,000 and other investors.

The transaction is expected to close on or around April 14, 2023. The closing of the transaction is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. All securities issued in will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

There will be no finder fees or commissions paid in the transaction.