On December 18, 2019, A2Z Technologies Canada Corp. (formerly ECC Ventures 1 Corp.) completed its qualifying transaction pursuant to a plan of arrangement, whereby A2Z Technologies acquired, through its wholly-owned subsidiary, 1219054 B.C. Ltd., 99.46% of the issued and outstanding ordinary shares of A2Z Advanced Solutions Ltd., an Israeli private company, in exchange for the issuance of an aggregate of 41,690,578 common shares of A2Z Technologies to the former shareholders of A2Z Advanced Solutions. In connection with the arrangement, ECC Ventures 1 Corp.: (i) changed it’s name to A2Z Technologies Canada Corp.; (ii) completed a share consolidation on the basis of 1 post-consolidation common share for each 1.4 pre-consolidation common share; and (iii) completed a concurrent private placement of 1,000,000 subscription receipts of 1219054 B.C. Ltd. which converted into 1,000,000 common shares of 1219054 B.C. Ltd. for no additional consideration and were subsequently exchanged for an aggregate of 1,000,000 common shares of A2Z Technologies pursuant to the plan of arrangement. It is expected that A2Z Technologies will acquire the remaining 0.54% of the outstanding ordinary shares of A2Z Advanced Solutions in exchange for common shares of A2Z Technologies on a one-for-one basis upon receipt of further Israeli regulatory approval and A2Z Advanced Solutions shareholder approval in early 2020.
A2Z Technologies’ principal activities will be the application of advanced engineering capabilities to the military/security markets as well as the adaptation of certain military products for the civilian market.
Cassels acted for A2Z Technologies with a team that included Jeff Durno and Sean Baraich (Securities).