Forward Water Technologies Corp (TSX-V:FWTC) has highlighted its achievements in its second quarter ended September 30, 2023, including a Heads of Agreement with a leading developer of battery-grade lithium sourced from aquifers using direct lithium extraction (DLE) technology.
The company said the document is a step towards a definitive agreement between the two parties for the utilization of on-site forward osmosis (FO) equipment via a lease-to-own model.
In July, the company issued 410,909 common shares to settle compensation to AGORA Internet Relations Corp for certain advertising services, followed by the issuance of a further 452,000 shares in the amount of $22,600 on October 5.
At the end of August, it also entered into a non-binding Letter of Intent with Alborg CSP to access its flat panel and parabolic solar thermal solution offerings for integration into its own FO technology systems — specific to direct lithium extraction applications and where the use of solar thermal integration provides beneficial use to the client.
Following the end of the quarter, on October 5, the company completed a non-brokered private placement of 9,240,000 units at $0.05 each per unit for gross proceeds of $462,000.
At the end of October, it announced a brokered private placement of between 20 million and 40 million units, on a commercially reasonable efforts agency basis (LIFE offering), at $0.05 per each, for gross proceeds of between $1 million to $2 million.
In addition, it said it is proposing to complete, concurrent with the LIFE Offering, a brokered private placement of up to 40 million units on the same terms as the LIFE offering, for gross proceeds of up to $2 million.
The company also noted that in November it completed the building of a mobile demonstration unit which can be placed on a customer's site to allow for a longer-term performance of its FO technology at industrial throughput that is not achievable in a laboratory setting.
The revenue-generating unit is now available to be used by our customers, it added.
"We are pleased with the strong commercial groundwork that has been accomplished in the last quarter and by using this foundation, FWTC expects to complete several of the commercial opportunities it has developed," management said in a statement.
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