Forward Water Technologies Inc (FWT) said the advancement of the previously announced transaction, which will take the wastewater treatment company public via a reverse takeover, is anticipated to close on October 19, 2021.
The company said the Toronto Venture Exchange has conditionally approved the previously announced proposed qualifying transaction between the company and Hope Well Capital Corp (HWCC), which is structured as a three-cornered amalgamation that will see the resulting company operate as Forward Water Technologies Corp.
An agreement was struck in June this year and further amended on August 30.
"Assuming all conditions are satisfied, HWCC and FWT anticipate that the Proposed Transaction will close on or about October 19, 2021, and that trading of the resulting issuer's common shares will commence shortly thereafter," said Hope Well Capital in a statement.
READ: Forward Water Technologies closes second tranche of private placement for a combined $6.5M
The resulting issuer's common shares will trade under the trading symbol FWTC and before closing the proposed transaction, HWCC will change its name to Forward Water Technologies Corp.
The board of directors of the resultant company will include six directors, including Lea Ray and Gerald Goldberg.
Forward Water Technologies is commercializing its proprietary forward osmosis technology that allows manufacturing operations to clean their wastewater and reclaim up to 90% of the waste as clean water.
Its low-energy requirements and capabilities make it a natural bolt-on companion technology to industrial treatment platforms already in place in the industrial wastewater, oil and gas, mining, agriculture, and ultimately municipal water supply and re-use market sectors.
In February this year, Water Technologies CEO Howie Honeyman told shareholders that “(with) the financial strength FWT acquires from this merger and concurrent capital raise, FWT will be able to drive adoption in the global opportunities it has already identified".
The company ended 2020 by signing its first technology license transfer contract with an India-based engineering services firm. Its Indian partner is currently involved in commercial trials on multiple sites and plans to expand the use of FWT's technology throughout the region.
FWT also has its eyes set on North America and Europe for potential business opportunities.
Contact the author at giles@proactiveinvestors.com