Irri-Al-Tal closes qualifying transaction with Water Ways

2 minute read
07 March 2019

On March 7, 2019, Water Ways Technologies Inc. (formerly Sagittarius Capital Corporation) (TSXV: WWT) announced that it had closed its previously announced qualifying transaction with Irri-Al-Tal Ltd. ("IAT").

In addition, aggregate gross proceeds totalling approximately $3.1 million was raised in connection with the qualifying transaction via public offering of units of Water Ways and a concurrent private placement of units of IAT.

The qualifying transaction provided for the acquisition of all of the outstanding securities of IAT by Water Ways based on the deemed value ascribed to IAT of approximately $18.8 million. As a result of the qualifying transaction, Water Ways became the TSX Venture Exchange listed (Tier 1) parent company of IAT which will continue its existing business.

IAT is an Israeli-based agriculture technology company incorporated under the laws of Israel that specializes in providing water irrigation solutions to agricultural producers. IAT competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. IAT's past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.

Gowling WLG was Canadian counsel to IAT in this transaction with a team that included Jason Saltzman and Jacob Cawker, assisted by student-at-law Harrison Sversky.

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