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Highlights:
- Business Combination Completion: Forward Water Technologies Corp (TSX-V: FWTC) has completed its business combination with Fraser Mackenzie Accelerator Corp.
- Share Consolidation and Exchange: FWTC executed a 10-for-1 consolidation of its shares, followed by an exchange of FMAC shares at a 0.95-to-1 ratio.
- Capital Raise: FMAC raised gross proceeds of $1.7 million, leading to the issuance subscription receipts.
A major player of Utility sector Forward Water Technologies Corp has announced the successful completion of its business combination with Fraser Mackenzie Accelerator Corp. (FMAC), marking a significant milestone for both companies. This transaction involved several key financial and structural changes, including share consolidation, share exchange, and a capital raise.
As part of the transaction, Forward Water Technologies Corp (TSXV: FWTC) implemented a 10-for-1 consolidation of its common shares. This consolidation was a critical step before the amalgamation with FMAC. After this, the issued and outstanding common shares of FMAC were exchanged at a ratio of 0.95 FWTC shares for each FMAC share. This exchange aligns both companies under a unified share structure moving forward.
Additionally, FMAC raised approximately $1.7 million in gross proceeds by issuing 15,887,850 subscription receipts, each priced at $0.107. Upon closing of the transaction, these subscription receipts converted into units. Each unit consisted of one FMAC share and half of a common share purchase warrant. Following the adjustment due to the exchange ratio, holders of these warrants are now able to acquire FWTC shares at a price of $0.1579, with a term of three years.
After finalizing the transaction, FWTC has a total of 49,174,592 issued and outstanding shares. This figure includes shares issued as a result of the conversion of subscription receipts, debentures, and shares allocated to former FMAC shareholders. The effective issue price of FWTC shares stands at $0.1126.
With this business combination, Forward Water Technologies Corp. is positioned for its next phase of operations, benefitting from the financial and strategic integration of Fraser Mackenzie Accelerator Corp.
