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Aurora Solar Technologies Announces Overnight Marketed Private Placement

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./

VANCOUVER, BC, April 21, 2021 /CNW/ - Aurora Solar Technologies Inc. (TSXV: ACU) (the "Company" or "Aurora) is pleased to announce that it has entered into an agreement with Stifel GMP to act as sole agent in connection with a proposed best efforts overnight marketed private placement of units of the Company (the "Units") for aggregate gross proceeds to the Company of approximately C$3,000,000, at a price of C$0.25 per Unit (the "Treasury Offering"). Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one-half common share purchase warrant (each whole common share purchase warrant, a "Warrant") of the Company. Each whole Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a "Warrant Share") at a price of C$0.40 per Warrant Share, until the date which is 12 months following the Closing Date, subject to adjustment in certain events. The Warrants shall be callable by the Company, at the discretion of the Company, should the daily volume-weighted average trading price of the common shares of the Company on the TSX Venture Exchange exceed C$0.50 for a period of 20 consecutive trading days, at any time during the term of the Warrants ("Call Trigger"). Following a Call Trigger, the Company may give notice in writing ("Call Notice") to the holders of Warrants that any Warrant that remains unexercised by the holder thereof shall expire 30 days following the date on which the Call Notice is given.

The Company will grant the Agent an option (the "Agent's Option") to increase the size of the Offering by up to an additional 15% of the Units sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the Closing Date.

The net proceeds will be used for the market roll-out of the InsightTM data science product, called "Insight Essentials", for solar cell production yield optimization and for general corporate purposes.

The Treasury Offering is scheduled to close on or about May 13, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Aurora Solar Technologies:

Aurora Solar Technologies is a leader in the development and delivery of inline process measurement, analysis and control systems for solar cell manufacturers. We believe that solar power will dominate the renewable energy field, and our mission is to bring quality and profitability to every customer through superior control of critical processes during solar cell manufacturing.

Aurora's products are used by some of the world's most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Shanghai, China and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora's website is located at www.aurorasolartech.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Aurora Solar Technologies Inc.

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View original content: http://www.newswire.ca/en/releases/archive/April2021/21/c3901.html