FluroTech Announces Non-Brokered Private Placement of Units

CALGARY, Alberta, Dec. 07, 2020 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), (“FluroTech” or “the Company”) is pleased to announce a non-brokered private placement of units (“Units”) for gross proceeds of up to $2,500,000 (the “Offering”), subject to TSX Venture Exchange (the “Exchange”) approval. The Offering shall consist of up to 18,518,519 Units at a price of $0.135 per Unit. Each Unit shall consist of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”), with each full Warrant entitling the holder to acquire one Common Share at a price of $0.22 per Common Share for a period of 12 months from the date of issuance; 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 Inc. 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. Subject to the finders entering into a finder’s fee agreement with the Issuer, the Issuer intends to pay certain third parties: (i) a cash fee equal to 7% of the aggregate gross proceeds raised from subscribers introduced by such finder; and (ii) finder’s options in an amount to 7% of the aggregate number of Units subscribed for by subscribers introduced by such finder. The finder’s options shall have an exercise price of $0.15 and a twelve (12) month term.