- Forward Water Technologies (FWT) has completed the second tranche of its private placement financing
- Subscription receipts were issued at a price of $1.00 per receipt for aggregate gross proceeds of $1.3 million
- The gross proceeds to FWT from the first two tranches of the financing total approximately $6.5 million
- The financing was led by Research Capital Corporation
- Forward Water Technologies is an Ontario corporation dedicated to the commercialization of its proprietary forward osmosis technology
- Common shares of Hope Well Capital are currently halted from trading pending completion of the proposed transaction
Forward Water Technologies (FWT) and Hope Well Capital (HOPE.P) are pleased to announce the completion of FWT’s second tranche of its private placement.
Subscription receipts were issued at a price of $1.00 per receipt for aggregate gross proceeds of $1.3 million.
The financing was led by Research Capital Corporation, as lead agent and sole book-runner. Agents included WD Capital Markets Inc. and Fraser Mackenzie Corporate Finance.
The gross proceeds to FWT from the first two tranches of the financing total approximately $6.5 million.
The Sustainable Chemistry Alliance investment fund, an existing shareholder of FWT, subscribed for $1 million of subscription receipts.
“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”, said Howie Honeyman, Chief Executive Officer of FWT.
Forward Water Technologies is an Ontario corporation 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 common shares of Hope Well Capital are currently halted from trading pending completion of the proposed transaction.