RE:>> WoW! << >FTI Foodtech arranges $600,000 private placement Mr. William Hullah reports
FTI ANNOUNCES $600,000 PRIVATE PLACEMENT
FTI Foodtech International Inc. intends to arrange a private placement for up to $600,000.
The proposed private placement would be a non-brokered offering of two million units of the issuer at a price of 30 cents per unit. Each unit will comprise one common share and one common share purchase warrant, with each warrant being exercisable to acquire one common share at a price of 50 cents per common share for a period of one year following the closing date of the private placement.
The proceeds will be used for costs related to sales and marketing of personal protective equippment (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.