CWTI Closes Second And Final Tranche of Private Placement - $1,600,000
March 10 2021 - 1:38PM
Current Water Technologies Inc. (TSX-V: WATR) (“CWTI” or “the
Company”) is pleased to announce that it has closed the second and
final tranche for $359,000. The Private Placement announced
February 16, 24 & 26, 2021 closed with a total proceeds of
$1,600,000.
The placement was for 32,000,000 Units at a
price of $0.05 per unit. Each Unit will be comprised of one Common
Share in the capital stock of the Corporation and a one full share
Purchase Warrant (“Warrant”), which is exercisable for a period of
three (3) years from the date of closing. A Warrant will entitle
the holder to purchase one additional Common Share at an exercise
price of $0.07 per share.
In connection with the Private Placement, the
Company has paid finder's fees consisting of cash payments equal to
7% , share payments equal to 7% of the aggregate proceeds and 7% of
granted warrants from subscriptions arranged by the Finders for an
aggregate total of $37,975 cash, 1,165,500 shares and 3,090,500
warrants.
The proceeds of this offering will be used for
marketing and manufacturing initiatives, and for general working
capital. The private placement is subject to regulatory approval by
the TSX Venture Exchange.
About Current Water Technologies
Inc.
Current Water Technologies is a
“Technology Company” applying its patented and proprietary
“Electrochemical Technologies” to the treatment of waste water,
desalination water and drinking water contaminated by metals or
nutrients, i.e., nitrate/ammonia associated with the mining, metal
processing, chemical, agricultural, municipal and waste management
sectors. Pumptronics Incorporated operates as a division of the
Company and functions as an integrated pump station manufacturer
specializing in custom design and automation.
The common shares trade on Tier ll of the TSX
Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gene S. Shelp, Ph.D., P.Geo.President and
CEO
Tel: (519) 836-6155Fax: (519) 836-5683E-mail:
gshelp@currentwatertechnologies.comWeb Site:
www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking
statements within the meaning of the “safe harbour” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
and other factors that may cause Current Water Technologies Inc.
results to differ materially from expectations. These include risks
relating to market fluctuations, property performance and other
risks. These forward-looking statements speak only as of the date
hereof. Certain statements contained in this press release and in
certain documents incorporated by reference into this press release
constitute forward-looking statements. The use of any of the words
"anticipate", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe" and "confident" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Current Water believes that the expectations reflected
in those forward-looking statements are reasonable but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in, or incorporated by
reference into, this press release should not be unduly relied
upon. These statements speak only as of the date of this press
release. Current Water undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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