Exhibit (a)(5)(iii)
DIRTT Announces Results of its Substantial Issuer Bid and Tender Offer
CALGARY, Alberta, March 25, 2024 (GLOBE NEWSWIRE) DIRTT Environmental Solutions Ltd. (DIRTT or the Company)
(TSX: DRT; OTC: DRTTF), a leader in industrialized construction, announced today the results of its substantial issuer bid and tender offer commenced on February 15, 2024, as varied on March 5, 2024 (as amended, the
Offer) to repurchase for cancellation: (i) up to C$6,000,000 principal amount of its issued and outstanding 6.00% convertible unsecured subordinated debentures due January 31, 2026 (the January
Debentures) (CUSIP: 25490HAA4) at a purchase price of C$720 per C$1,000 principal amount of January Debentures; and (ii) up to C$9,000,000 principal amount of its issued and outstanding 6.25% convertible unsecured subordinated
debentures due December 31, 2026 (the December Debentures, and, collectively with the January Debentures, the Debentures) (CUSIP: 25490HAB2) 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).
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of January Debentures and C$5,775,000 aggregate principal amount of December Debentures were validly deposited and not withdrawn at the expiration of the Offer, representing approximately 11.66% of the January Debentures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).
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).
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.
The full details of the Offer are described in the offer to purchase and issuer bid circular dated February 15, 2024, the notice of variation dated
March 5, 2024, the notice of guaranteed delivery, letter of transmittal, as amended, the Tender Offer Statement on Schedule TO, as amended, and other related documents. Copies of these documents are available on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Debentures.
ABOUT DIRTT
DIRTT is a leader in industrialized construction.
DIRTTs system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and
public sector markets, DIRTTs system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTTs interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to
easily reconfigure their spaces as their needs evolve. Headquartered in Calgary, AB Canada, DIRTT trades on the Toronto Stock Exchange under the symbol DRT.