08:15 AM EDT, 03/25/2024 (MT Newswires) -- DIRTT Environmental Solutions Ltd. ( DRTTF ) , a player in industrialized construction, that saw its shares drop 3.7% last Friday, announced Monday the results of its substantial issuer bid and tender offer commenced on February 15, 2024, as varied on March 5, 2024 to repurchase for cancellation: up to C$6 million principal amount of its issued and outstanding 6.00% convertible unsecured subordinated debentures due January 31, 2026, at a purchase price of C$720 per C$1,000 principal amount of January Debentures; and also up to C$9 million principal amount of its issued and outstanding 6.25% convertible unsecured subordinated debentures due December 31, 2026 at a purchase price of C$600 per C$1,000 principal amount of December Debentures (or such larger principal amount of Debentures as the company, in its sole discretion, may determine it is willing to take up and pay for, subject to applicable law).

A statement noted the offer expired on March 22, 2024 at 5:00 p.m. (Toronto Time). Based on the final report provided by the depositary for the offer, C$4,693,000 aggregate principal amount of January Debentures and C$5,775,000 aggregate principal amount of December Debentures were validly deposited and not withdrawn at the expiration of the offer, representing approximately 11.66% of the January Debentures and 16.50% of the December Debentures issued and outstanding. The company will take up all of the Debentures tendered pursuant to the Offer for aggregate consideration of approximately C$6,843,960 (excluding all accrued and unpaid interest).

Monday's statement noted the aggregate purchase price for the January Debentures validly deposited under the offer will be approximately C$3,418,304.05 and the aggregate purchase price for the December Debentures validly deposited under the offer will be approximately C$3,546,087.33. Such aggregate purchase prices include all accrued and unpaid interest on such Debentures up to, but excluding, March 22, 2024, the date the Debentures were taken up by the company pursuant to the offer (net of any applicable withholding taxes).

Monday's statement also noted payment of the purchase price for the Debentures validly deposited and accepted for purchase will be made to the Depositary in accordance with the terms of the offer and applicable law on or around March 25, 2024. Following the purchase and cancellation of the Debentures validly deposited and taken-up under the offer, the company will have C$35,557,000 principal amount of January Debentures and C$29,225,000 principal amount of December Debentures issued and outstanding.