| | |
| | Bennett Jones LLP 4500 Bankers Hall East, 855 2nd Street SW Calgary, Alberta, T2P 4K7 Cananda T: 403.298.3100 F: 403.265.7219 |
Exhibit 5.1
January 29, 2021
DIRTT Environmental Solutions Ltd.
7303 – 30th Street SE
Calgary, Alberta T2C 1N6
Dear Sirs/Mesdames:
Re: | DIRTT Environmental Solutions Ltd. – Public Offering of 6.00% Convertible Unsecured Subordinated Debentures |
Introduction
We have acted as counsel in Alberta to DIRTT Environmental Solutions Ltd., an Alberta corporation (the “Company”), in connection with the issue and sale by the Company to the Underwriters (as defined below) of (i) on January 25, 2021, CDN$35,000,000 aggregate principal amount of 6.00% convertible unsecured subordinated debentures of the Company, and (ii) on January 29, 2021, pursuant to the exercise of an over-allotment option, CDN$5,250,000 aggregate principal amount of 6.00% convertible unsecured subordinated debentures of the Company (collectively, the “Debentures”), all pursuant to an underwriting agreement (the “Underwriting Agreement”) dated January 11, 2021 between the Company and National Bank Financial Inc., as lead manager and book-runner, Craig-Hallum Capital Group LLC, Raymond James Ltd. and Paradigm Capital Inc. (collectively, the “Underwriters”). The Debentures were offered for sale pursuant to a prospectus supplement dated January 19, 2021 filed with the United States Securities and Exchange Commission (the “Commission”) pursuant to Rule 424(b)(5) under the United States Securities Act of 1933, as amended (the “Securities Act”), to the base prospectus dated January 6, 2021 included in the Registration Statement on Form S-3 (Registration No. 333-251660) under the Securities Act initially filed on December 23, 2020 with the Commission (collectively, the “Prospectus”).
The Debentures were issued pursuant to the terms of an indenture (the “Base Indenture”), as supplemented by the first supplemental indenture to the Base Indenture (the “First Supplemental Indenture” and the Base Indenture, as supplemented by the First Supplemental Indenture, the “Debenture Indenture”), each dated as of January 25, 2021 and entered into between the Company and Computershare Trust Company of Canada, as Canadian Trustee, and Computershare Trust Company, National Association, as U.S. Trustee. Each Debenture is convertible into common shares in the capital of the Company (the “Debenture Shares”) in accordance with the Debenture Indenture. All capitalized terms not defined in this opinion letter shall have the terms ascribed thereto in the Underwriting Agreement.
In this opinion letter, the Underwriting Agreement and the Indenture are referred to collectively as the “Documents” and individually as a “Document”.