Eddy Smart Home Solutions Ltd. announced that it has received CAD 8 million in funding from Shalcor Management Inc, York Plains Investment Corp
July 01, 2024
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On July 2, 2024, Eddy Smart Home Solutions Ltd. closed the transaction. In addition to the Silver subscription, various other officers and directors of the company, including their immediate family members, subscribed for an aggregate of 788,334 post-consolidation shares, representing aggregate gross proceeds of CAD 1,182,501 to the company. All shares sold pursuant to the Offering are subject to a four month hold period which expires on October 29, 2024. The Offering and Debt Conversion have received conditional approval from the TSXV and are subject to receipt of final approval by the TSXV. Shalcor Management Inc. acquired an aggregate of 2,572,548 post-consolidation shares under the Offering, at an issue price of CAD 1.50 per post-consolidation share for an aggregate purchase price of CAD 3,858,822. Prior to completion of the Offering, Shalcor Management Inc. directly owned 72,793 post-consolidation shares, York Plains Investment Corp., a corporation controlled by Silver directly owned 22,466 post-consolidation shares and Mark Silver directly owned 36,827 post-consolidation shares and options to acquire 10,000 post-consolidation shares. As such prior to completion of the Offering, Mark Silver directly or indirectly owned or controlled 132,086 post-consolidation shares, representing approximately 16.61% of the then issued and outstanding post-consolidation shares and options to acquire 10,000 post-consolidation shares. Following the closing of the Offering, based on the number of issued and outstanding post-consolidation shares after completing the Offering and without additional issuance or conversion of securities, Mark Silver now owns directly or indirectly 2,704,634 post-consolidation shares representing 44.13% of the current issued and outstanding post-consolidation shares. Under the Offering, Shalcor Management Inc subscribed for the Common Shares by paying CAD 2,694,942 in cash and converting CAD 1,163,880 of debt owing to it under an existing credit facility agreement. Mark Silver is the controlling shareholder of Shalcor Management Inc. Following the closing of the Offering, Shalcor Management Inc now owns 2,645,341 Common Shares representing
43.16% (on a non-diluted basis) of the total issued and outstanding Common Shares.
Eddy Smart Home Solutions Ltd. is a provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioral learning software. Its suite of products protects property from leaks and floods with intelligent water monitoring technology. The Companyâs products include Eddy IQ, Eddy Valve, Eddy Link, Eddy H2O, Eddy Water Probe Sensor, Eddy Water Rope Sensor, Eddy Water Rope Sensor-Outdoor and Eddy Temperature Probe Sensor. It provides solutions for construction, multi-unit residential, commercial and submetering. Eddy H2O sensors monitor for the presence of water, as well as provide a built-in temperature and humidity sensor. The Eddy Link offers real-time, digital communication and analytics, measuring minute by minute water usage and identifying leaks and water issues. The Water Rope Sensor is a wireless water leak sensor.