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TORONTO, July 26, 2021 /CNW/ - Forward Water Technologies
Inc. ("FWT") and Hope Well Capital Corp.* (TSXV: HOPE)
("HWCC" or the "Company") are pleased to announce the
completion of FWT's second tranche of its brokered private
placement (the "Financing") of subscription receipts
("Subscription Receipts") at a price of $1.00 per Subscription Receipt for aggregate
gross proceeds of $1.3 million. The
Financing was led by Research Capital Corporation, as lead agent
and sole book runner (the "Lead Agent"), on behalf of a
syndicate of agents, including WD Capital Markets Inc. and Fraser
Mackenzie Corporate Finance, a division of Waverley Corporate
Financial Services Ltd. (together with the Lead Agent, the
"Agents"). The aggregate gross proceeds to FWT from the
Financing, including approximately $5.2
million in the first tranche and $1.3
million in the second tranche of the Financing, is
approximately $6.5 million.
As part of the second tranche of the Financing, the Sustainable
Chemistry Alliance investment fund ("SCA"), an existing
shareholder of FWT, subscribed for $1
million of Subscription Receipts as a lead order. SCA
collaborates with Bioindustrial Innovation Canada, a business
accelerator based in Sarnia, Ontario,
Canada, to offer investment, advisory and technical services
to help portfolio companies bring new clean technology to
market.
"We are very pleased to have completed this financing to fund
the on-site commercial unit and mobile demonstration unit of FWT's
patented forward osmosis process. This allows FWT to rapidly expand
our business development and market opportunities on delivering
low-cost wastewater treatment", said Howie
Honeyman, Chief Executive Officer of FWT.
FWT completed the Financing pursuant to an agency agreement
entered into on June 4, 2021 with
HWCC and the Agents, on the terms previously disclosed in the
Company's news release dated June 4,
2021.
About Forward Water Technologies Inc.
FWT is an Ontario corporation
dedicated to the commercialization of its proprietary forward
osmosis technology. The technology allows manufacturing operations
to clean their wastewater that would otherwise require costly
disposal. The technology also enables the reclamation of up to 90%
of the waste as clean water and the return of this valuable
resource to the environment. Alternatively, the clean water can be
reused by manufacturing operations to reduce their overall water
consumption and environmental footprint.
FWT's corporate office is located in Toronto, Ontario and its research, development
and engineering office is located in Sarnia, Ontario. For more information on
Forward Water Technologies Inc., please visit:
https://www.forwardwater.com.
About HWCC
HWCC is a CPC governed by the policies of the TSXV. HWCC's
principal business is the identification and evaluation of assets
or businesses with a view to complete a Qualifying Transaction.
Investors are cautioned that trading in the securities of a CPC
should be considered highly speculative.
Additional Information
The Common Shares in the capital of HWCC are currently halted
from trading pending completion of the Proposed Transaction. the
Resulting Issuer will be a technology issuer under TSXV
polices.
All information contained in this news release with respect to
HWCC and FWT was supplied, for inclusion herein, by the respective
parties and each party and its directors and officers have relied
on the other party for any information concerning the other
party.
Cautionary Note
Completion of the Proposed Transaction is subject to a number
of conditions including, but not limited to, completion of
satisfactory due diligence, completion of the Financing, TSXV
acceptance and, if applicable, pursuant to policies of the TSXV,
majority of the minority shareholder approval. Where applicable,
the Proposed Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that
the Proposed Transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Proposed Transaction, any information
released or received with respect to the Proposed Transaction may
not be accurate or complete and should not be relied upon. Trading
in the securities of HWCC should be considered highly
speculative.
The TSX Venture Exchange Inc. has in no way passed upon
the merits of the Proposed Transaction and has neither approved nor
disapproved the contents of this news release.
Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
information can be identified by words such as: "intend",
"believe", "estimate", "expect", "may", "will" and similar
references to future periods. Examples of forward-looking
information include, among others, statements made regarding the
terms and conditions of the Proposed Transaction, the Financing,
the Name Change, as well as information relating to FWT. The
information about FWT contained in this news release has not been
independently verified by HWCC. Although HWCC believes that, in
light of the experience of its officers and directors, current
conditions and expected future developments and other factors that
have been considered appropriate, the expectations reflected in
this forward-looking information are reasonable, undue reliance
should not be placed on them because HWCC can give no assurance
that they will prove to be correct. Readers are cautioned to not
place undue reliance on forward-looking information. Actual results
and developments may differ materially from those contemplated by
these statements depending on, among other things, the risks (i)
that the parties will not proceed with the Proposed Transaction or
the Name Change; (ii) that the ultimate terms of the Proposed
Transaction or the Name Change will differ from those that
currently are contemplated; and (iii) that the Proposed Transaction
or the Name Change will not be successfully completed for any
reason (including the failure to fulfill conditions of listing on
the TSXV and inability to obtain required regulatory approvals).
The forward-looking statements contained in this news release
are made as of the date hereof, and the Company undertakes no
obligation to update publicly or revise any forward-looking
statements or information, except as required by law.
This news release is not an offer of the securities for
sale in the United States. The
securities have not been registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United States absent registration or an
exemption from registration. This news release shall not constitute
an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities in any state in
which such offer, solicitation or sale would be
unlawful.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
*Hope Well Capital Corp. is in no way affiliated with or related
to Hopewell Capital Corporation, a separate pre-existing business
purportedly engaged in the field of venture capital across
Canada, or the Hopewell Group of
Companies' multi-faceted real estate and logistics group.
SOURCE Hope Well Capital Corp.