Sharc International Systems Inc. announced a non-brokered private placement of up to 2,000 debenture units at a price of CAD 1,000 per debenture unit for aggregate gross proceeds of up to CAD 2,000,000 on June 24, 2024. Each debenture unit will be comprised of a CAD 1,000 principal amount of 8% unsecured debenture of the company and 5,000 common share purchase warrants of the company. Each warrant will entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of CAD 0.20 per share for a period of 36 months from the date of issuance.

In connection with the Offering, the company may pay finders? fees in cash or securities, or a combination thereof, to certain finders, as permitted by the policies of the Canadian Securities Exchange. There is no minimum number of debenture units or minimum aggregate proceeds required to close the Offering and the company may, at its discretion, elect to close the Offering in one or more tranches.

The securities issued pursuant to the Offering are subject to a statutory hold period of four months plus one day from the issue date of the applicable Debenture Unit in accordance with applicable securities legislation. Closing of the Offering and the issuance of the securities described hereunder are subject to several conditions, including receipt of all necessary regulatory and corporate approvals, including approval from the Exchange.