FluroTech Announces Closing of Oversubscribed $2.5 Million Private Placement Financing and Announces Communications Engagement for Investor Relations Services

CALGARY, Alberta, Jan. 21, 2021 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the Offering”). 15,644,844 Units were sold under the second tranche, which together with the 3,105,182 Units sold under the first tranche, resulted in an aggregate of 18,750,026 Units being issued pursuant to the Offering at a price of $0.135 per Unit, raising aggregate gross proceeds of $2.531 million.

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.