Forward Water Technologies and Fraser Mackenzie Accelerator Announce Revised Transaction Terms

Forward Water Technologies Corp. (TSXV:FWTC) and Fraser Mackenzie Accelerator Corp. (TSXV:FMAC.P) have announced revisions to their proposed transaction and concurrent financing. The companies have now signed a definitive agreement dated July 22, 2024. These revisions include accommodating a lead investor subscribing $1 million in the Concurrent Financing.

The transaction will follow a 10-for-1 consolidation of FWTC shares. FMAC shares will be exchanged at a revised ratio of approximately 0.95 FWTC shares for each FMAC share. Additionally, options and warrants on FMAC shares will convert to FWTC equivalent options or warrants.

The Concurrent Financing plans to raise between $1.4 million and $1.9 million from FMAC subscription receipts priced at $0.107 per receipt. The financing could be adjusted if FWTC raises up to $200,000 in bridge financing. Certain conditions must be met for the transaction, including TSXV acceptance and completion by September 30, 2024.

FMAC has already advanced $175,000 to FWTC as a secured loan. Both companies will provide further details on the transaction through press releases in accordance with regulatory requirements.