TORONTO, Oct. 05, 2020 (GLOBE NEWSWIRE) -- (TSX Venture:FTI) FTI Foodtech International Inc. ("FTI") announces that it intends to arrange a private placement for up to $600,000.
The proposed private placement would be a non-brokered offering of 2,000,000 units of the Issuer, (the “Units”), at a price of $0.30 per Unit. Each Unit will be comprised of one Common Share and one common share purchase warrant (a “Warrant”), each Warrant being exercisable to acquire one Common Share at a price of $0.50 per Common Share for a period of one (1) year following the closing date of the private placement.
The proceeds will be used for costs related to sales and marketing of PPE supplies and the Rapid-Result Serological COVID-19 Antibody Test Kit, to evaluate other opportunities, to cover the company’s operating expenses and to reduce company debt. A further press release will be issued once the financing has been completed.