ECC Ventures 5 Corp. announced a non-brokered private placement of subscription receipts to issue minimum of 6,107,668 subscription receipts and maximum of 18,315,019 subscription receipts at a price of $0.42 per subscription receipt for minimum aggregate gross proceeds of $2,000,000 and maximum aggregate gross proceeds of $6,000,000 on May 16, 2022. The proceeds of the transaction will be held in escrow, pending the company receiving all applicable regulatory approvals, and completing all matters and conditions relating to the acquisition, including the consolidation.

Immediately prior to the completion of the acquisition, on satisfaction of the escrow conditions, each subscription receipt will automatically be exchanged, for no further consideration and with no further action on the part of the holder thereof, to acquire one common share of the company.