Forward Water Technologies Corp (TSX-V:FWTC) has announced a brokered private placement, aiming to raise a minimum of $1 million and a maximum of $2 million to support the commercialization of its Forward Osmosis process.
The company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release.
The offering includes 20 million to 40 million units at a price of $0.05 per unit. It may also involve a Listed Issuer Financing Exemption (LIFE) offering of up to 26,525,774 units, raising a maximum of $1,326,288.70.
Each unit will consist of one common share of the company and one share purchase warrant, allowing the holder to purchase one share at a price of $0.075 per warrant share within 36 months of issuance.
Leede Jones Gable Inc. will serve as the lead agent and sole book runner for the LIFE Offering and private placement.
Additional proceeds from the offerings will go towards sales, marketing efforts, and general corporate purposes.
The company will pay the agents a cash commission equal to 10.0% of the gross proceeds and issue non-transferable warrants, called Broker Warrants, equal to 10.0% of the number of units sold. A reduced commission of 5.0% and a reduced number of Broker Warrants equal to 5.0% of the units will be applicable to units sold to purchasers on a president's list.
The offerings are scheduled to close by November 27.