Water Ways Technologies Announces Oversubscribed Private Placement of CAD$4.44M and Escrow Closing of Second Tranche

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TORONTO, July 27, 2021 (GLOBE NEWSWIRE) -- Water Ways Technologies Inc. (TSXV: WWT) ("Water Ways" or the "Company") announced that it has, in connection with its previously announced private placement (the "Financing"), closed an additional CAD$1.2 million (the "Second Tranche Gross Proceeds") into escrow (the "Second Tranche Closing"). The Second Tranche Gross Proceeds are in addition to the CAD$3.24 million closed and previously disclosed in our press release dated June 30, 2021.

The Second Tranche Gross Proceeds represent subscriptions for an additional 10,022,850 units (the "Units") at a price of CAD$0.12 per Unit. Each Unit is composed of one common share of the Company and one common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional common share of the Company (each a "Warrant Share"), upon payment to the Company of CAD$0.18 per Warrant Share until June 30, 2024, however, that if, following July 1, 2022, the volume weighted average price of the Common Shares of the Company for any 10 consecutive trading days equals or exceeds CAD$0.24, the Company may, upon providing written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.

The Second Tranche Closing will result in an increase to the aggregate amount previously announced on June 30, 2021, such that the total amount of Units sold pursuant to the Financing will be 37,039,516 Units.

The Company expects to pay finder's fees in association with the Second Tranche Closing, payable in cash, of up to 4% of the Second Tranche Gross Proceeds and will issue that number of Finder Warrants as is equal to 10% of the Units sold pursuant to the Second Tranche Closing ("Finder Warrants"). Each Finder Warrant will be exercisable into a Unit upon payment by the holder thereof of CAD$0.12 per Unit. In connection with the Second Tranche Closing, the Company will issue Finder Warrants and pay a cash commission of CAD$51,000.

Closing of the Financing, including release of the Second Tranche Gross Proceeds from escrow, is subject to the final approval of the TSXV.

Ohad Haber, Chairman and Chief Executive Officer, commented: "The closing of this financing provides us with the financial strength to execute our business plan and pursue the significant global market opportunities, assisting us in our future growth and profitability. We experienced increased investor demand, which allowed the Company to increase the size of the financing. I would like to thank all the investors in Canada and Israel for their confidence in the Water Ways strategy, many of whom have been valued shareholders from our RTO in 2019 and participated in this financing as well."