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Forward Water Technologies closes second tranche of private placement for a combined $6.5M

July 27, 2021 - The combined gross proceeds from the financing include around $5.2 million from the first tranche and $1.3 million in the second tranche for an aggregate amount of $6.5 million


Forward Water Technologies Inc in conjunction with Hope Well Capital Corp, said it has completed a second tranche of its brokered private placement of subscription receipts priced at $1.00 each for aggregate gross proceeds of $1.3 million.

The financing was led by Research Capital Corporation, as lead agent and sole book runner on behalf of a syndicate of agents, including; WD Capital Markets Inc and Fraser Mackenzie Corporate Finance, a division of Waverley Corporate Financial Services. The combined gross proceeds from the financing include approximately $5.2 million from the first tranche and $1.3 million in the second tranche for an aggregate amount of $6.5 million.

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As part of the second tranche, the Sustainable Chemistry Alliance investment fund, an existing shareholder of Forward Water Technologies, purchased $1 million of subscription receipts as a lead order.

"We are very pleased to have completed this financing to fund the on-site commercial unit and mobile demonstration unit of FWT's patented forward osmosis process. This allows FWT to rapidly expand our business development and market opportunities on delivering low-cost wastewater treatment," Howie Honeyman, Chief Executive Officer of Forward Water Technologies said in the statement.

Based in Ontario, Forward Water Technologies is dedicated to the commercialization of its proprietary forward osmosis technology. The technology allows manufacturing operations to clean their wastewater that would otherwise require costly disposal. The technology also enables the reclamation of up to 90% of the waste as clean water and the return of this valuable resource to the environment.


Source: https://www.proactiveinvestors.co.uk/companies/news/956116/forward-water-technologies-closes-second-tranche-of-private-placement-for-a-combined-65m-956116.html


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