CWTI Announces Private Placement for up to $500,000
March 06 2020 - 9:00PM
Current Water Technologies Inc. (TSX-V:WATR) (“CWTI” or the
“Company”) announces that, subject to regulatory approval and
formal documentation, the Company is offering a non-brokered,
private placement financing (“Private Placement”) for gross
proceeds of up to $500,000. The Private Placement will be for up to
20,000,000 Units at a price of $0.025 per unit. Each Unit will be
comprised of one Common Share in the capital stock of the Company
and a one Share Purchase Warrant (“Warrant”). One Warrant will
entitle the holder to purchase one Common Share at an exercise
price of $0.05 per Share, which is exercisable for a period of five
(5) years from the date of closing.
The proceeds of this Private Placement will be
used for current equipment sales activities and current general
working capital purposes. None of the proceeds of the Private
Placement will be payable to non-arm’s length parties, except for
general corporate purposes in the ordinary course of business.
The Private Placement is available to all
shareholders of the Company as at March 6, 2020 (the “Record Date”)
and are still shareholders and are eligible to participate under
the “Existing Shareholder Exemption”. Any person who becomes
a shareholder of the Company after the Record Date is not permitted
to participate in the Private Placement using the Existing
Shareholder Exemption, but other exemptions may still be available
to them. Shareholders who become shareholders after the record date
should consult their professional advisors when completing their
subscription to ensure that they use the correct exemption.
There are conditions and restrictions when
relying upon the Existing Shareholder Exemption, namely, the
subscriber must: a) be a shareholder of the Company on the Record
Date (and still are a shareholder); b) be purchasing the Units as a
principal, i.e. for their own account and not for any other party;
and, c) may not purchase more than $15,000 value of securities from
the Company in any twelve month period. There is one exception to
the $15,000 subscription limit. In the event that a subscriber
wishes to purchase more than $15,000 value of securities, then it
may do so provided it has first received 'suitability advice' from
a registered investment dealer and, in this case, subscribers may
be asked to confirm the registered investment dealer's identity and
employer.
If the Offering is over-subscribed, it is
possible that a shareholder's subscription may not be accepted by
the Company even though it is received. Additionally, in the event
of an imbalance of large subscriptions compared to smaller
subscriptions management of the Company reserves the right in its
discretion to reduce large subscriptions in favour of smaller
subscriptions.
The Private Placement is being made pursuant to
the grant of a ‘discretionary waiver’ of the TSX Venture Exchange
minimum $0.05 pricing requirement and is subject to acceptance by
the TSX Venture Exchange. All securities issued pursuant to the
Private Placement will be subject to a four month and one day hold
period, in accordance with applicable securities laws. The Private
Placement is expected to close March 31, 2020.
Any existing shareholders interested in
participating in the Private Placement should contact the Company
at info@currentwatertechnologies.com. Potential investors should
indicate the amount of their intended investment as well as the
email address at which the Company should contact them to provide
further details regarding the Private Placement and relevant
transaction documentation.
In order to participate in the Private
Placement, existing shareholders must notify the Company no later
than 10:00am Eastern time on March 27th, 2020.
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 will operate as a division of the
Company and continue to function 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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