Fraser Mackenzie Accelerator Corp. Announces Closing of First Tranche of Private Placement

Toronto, ON - Forward Water Technologies Corp. ("FWTC") announced the closure of the first tranche of a private placement by Fraser Mackenzie Accelerator Corp. ("FMAC"). The placement included 12,292,923 subscription receipts at C$0.107 each, yielding gross proceeds of C$1,315,342.76.

The subscription receipts will convert into FMAC units, each comprising one FMAC share and one-half of a purchase warrant. Upon Transaction completion, FMAC shares will be exchanged for FWTC shares at a 0.95 to 1 ratio. The closing is targeted for September 30, 2024, subject to conditions outlined in a management circular from FWTC.

Proceeds primarily address corporate and administrative expenses. Directors of FMAC partook for $100,000 under exemptions from formal valuation and minority shareholder approval requirements. Finder fees and warrants are included under the terms of the placement. Unsatisfied escrow conditions by January 9, 2025, trigger refunds to holders.