BZAM Ltd. announced that it has entered into an engagement letter with Clarus Securities Inc in best efforts basis and. to issue 15,384,615 units at an issue price of CAD 0.13 per unit for the gross proceeds of CAD 1,999,999.95 led by chairman on October 3, 2023. Each Unit will consist of one common share and one Share purchase warrant with each Warrant entitling the holder thereof to acquire one Share at an exercise price of CAD 0.18 per Warrant Share for a period of three years from the Closing Date.

the Agent may offer up to a maximum of 21,153,846 Units for aggregate gross proceeds of approximately CAD 2,750,000 and the Company has granted the Agent an option, exercisable in whole or in part, to purchase up to an additional 3,173,076 Units for a period of 30 days from and including the Closing Date to cover over-allotments, if any, and for market stabilization purposes. The Agent shall be under no obligation whatsoever to exercise the Over-Allotment Option in whole or in part. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be approximately CAD 3,162,500.

The Offering is expected to close on or about October 12, 2023, or such other date as may be agreed upon by the Company and the Agent and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. The transaction may include participation from certain insiders.