FluroTech Announces Extension to Early Warrant Exercise Incentive Program
May 07 2021 - 8:00AM
FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF)
("
FluroTech" or the "
Company"), a
leading developer of spectroscopy-based technology, is pleased to
announce that, further to its news release dated April 12, 2021, it
has received TSX Venture Exchange (the "
Exchange")
approval to extend the exercise the period of the Company’s Early
Warrant Exercise Incentive Program ("
EWEIP")
intended to encourage the early exercise of up to 18,550,000
Warrants (as defined and described below) from May 7, 2021 to May
12, 2021, as further described below.
In January of 2021, FluroTech closed, in two
tranches, a non-brokered private placement of units
("Units"), for aggregate gross proceeds of
$2,531,000. Each Unit comprised one common share in the capital of
FluroTech ("Common Share") and one Common Share
purchase warrant ("Warrant"). Each Warrant
entitles the holder thereof to acquire one Common Share at a price
of $0.22 per share for a period of 12 months from the date such
Warrant was issued; provided that, if the closing price of the
Common Shares (or the closing bid, if no sales were reported on a
trading day) as quoted on the Exchange on any five consecutive
trading days is greater than $0.395 per Common Share, FluroTech may
provide notice in writing to the holders of the Warrants by
issuance of a press release that the expiry date of the Warrants
will be accelerated to the 15th day after the date on which
FluroTech issues such press release (the "Early
Acceleration"). FluroTech has had the ability to trigger
the Early Acceleration since the end of January 2021, but is opting
to pursue a voluntary implementation of the EWEIP in an effort to
recognize shareholder loyalty.
As the Company moves toward its commencement of
clinical trials and in order to further accommodate the early
exercise of Warrants, the Company has extended the EWEIP to enable
the holders to receive Incentive Warrants (as defined and described
in the news release of the Company dated April 12, 2021) for each
Warrant exercised prior to May 7, 2021 (the "New Warrant
Expiry Date") at the price of $0.22 per Warrant. The
expiry date for the EWEIP Warrants has been extended until May 12,
2021. All other terms and conditions of the Warrants remain
unchanged.
About FluroTech (TSXV: TEST)
(OTCQB: FLURF)
The goal of FluroTech's research and technology
is to develop detection methods which are sensitive, specific and
easy-to-use. By combining FluroTech's proprietary
spectroscopy-based technology with laboratory robotics automation
and cloud computing, FluroTech, through the application of its
technology and investment in FluroTest Systems Ltd.
("FluroTest"), the interests in which have been
disclosed in previous press releases, has created a unique solution
addressing the current and future pandemics. Using technology that
was first developed at the University of Calgary, the FluroTest
SARS-CoV-2 test is designed to identify patients with active virus
infection; this is not necessarily the case for most of the
currently approved tests that are meant to identify patients with
SARS-CoV-2 nucleic acid.
About FluroTest Systems
Ltd.
FluroTest, a leading technology in surge-scale
rapid antigen testing for the detection of SARS-CoV-2 and other
pathogens, is developing a pandemic defense and economic recovery
system purpose-built for businesses and special-needs populations
requiring fast and highly accurate testing for significant numbers
of people. Unlike individual or low-throughput tests, FluroTest's
system is designed to be well-suited for high-traffic, high-risk
pandemic environments including schools and colleges, hospitals and
large healthcare facilities, athletic stadiums and performance
venues, airline and cruise ship terminals, corporate campuses,
shopping centers, manufacturing facilities, transportation and
distribution hubs and other large business and retail locations.
Created to support executive business continuity efforts, the
system combines and leverages the disciplines of robotics
automation, biochemistry, fluorescence detection and cloud
computing -- processing thousands of tests per hour while
delivering accurate, digitally verifiable results to a test taker's
mobile device within 5 minutes. To learn more,
visit FluroTest.com
For all investor inquiries:
MarketSmart Communications
Inc.
1-877-261-4466
Info@marketsmart.ca
For general inquiries:
FluroTech Ltd.
Danny Dalla-Longa, CEO
info@flurotest.com
Cautionary Statement Regarding
Forward-Looking Information
This news release contains "forward-looking
information" within the meaning of Canadian securities legislation.
Forward-looking information generally refers to information about
an issuer's business, capital, technology or operations that is
prospective in nature, and includes future-oriented financial
information about the issuer's prospective financial performance or
financial position. The forward-looking information in this news
release includes disclosure about the terms of the EWEIP extension
which remains subject to applicable approvals, the use of proceeds
from the exercise of Warrants under the EWEIP, the ability of the
Company's testing devices to accurately and quickly detect COVID-19
and to process large numbers of samples in short time frames and
the benefits of and demand for the Company's testing devices.
The Company made certain material assumptions,
including but not limited to prevailing market conditions and
general business, economic, competitive, political and social
uncertainties, the ability to obtain TSXV and applicable approvals,
the demand for its COVID-19 testing devices and their ability to
perform as expected, and the ability to obtain the regulatory
approvals required in connection with the same, to develop the
forward-looking information in this news release. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
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