FluroTech Announces Closing of First Tranche of Private Placement

CALGARY, Alberta, Jan. 11, 2021 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is very pleased to announce that it has closed the first tranche of a non-brokered private placement previously announced on December 7, 2020 (the “Offering”).

A total of 3,105,182 Units were sold under the first tranche at a price of $0.135 per Unit for aggregate gross proceeds of $419,200. Each Unit is comprised of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.22 per share for a period of 12 months from the date such Warrant was issued; provided that, if the closing price of the Common Share (or the closing bid, if no sales were reported on a trading day) as quoted on the exchange on any 5 consecutive trading days is greater than $0.395 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 15th day after the date on which the Company issues such press release.