EasTower Wireless Inc. announced a non-brokered private placement to issue up to 10,000,000 units at an issue price of CAD 0.05 per unit for gross proceeds of CAD 500,000 on August 8, 2022. Each unit shall consist of one common share in the capital of the company and one transferable share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at a price of CAD 0.10 per share until 24 months following closing, subject to acceleration. The expiry date of the warrants may be accelerated by the company at any time following the 4 months anniversary of closing and prior to the expiry date of the warrants if the volume weighted average price of the common shares on the TSX Venture Exchange is greater than CAD 0.25 for any 10 consecutive trading days, at which time the company may, within 10 business days of the acceleration event, accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term whereupon the warrants will expire on the 20th calendar day after the date of such press release.

In connection with the sale of units, the company will pay registered dealers and finders a cash commission equal to 8% of the aggregate gross proceeds under the offering and non-transferable compensation options to purchase that number of common shares as is equal to 8% of the number of units sold under the offering, at an exercise price of CAD 0.05 per share exercisable for a period of 24 months from closing. The offering is subject to TSX Venture Exchange approval and all securities issued pursuant to the offering will be subject to a Canadian four-month hold period.