Dominion Water Announces $650,000 Financing, Appointment of New Executive Management and Debt Settlement
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MONTREAL, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Dominion Water Reserves Corp. (“DWR” or the “Company”) (CSE:DWR), is pleased to announce that it has (i) appointed a new President and CEO, as well as a VP Marketing, (ii) closed a non-brokered private placement offering of units of DWR (the “Financing”) for gross proceeds of $650,000, and (iii) settled an aggregate of $104,455 in trade payables to two arm’s length parties through the issuance of common shares of DWR (the “Debt Settlement”).
The Company announces the resignations of Ms. Marie-Claude Bourgie as Director and interim CEO of DWR. The Company would like thank Ms. Bourgie for her leadership and positive contribution to the business of the Company during these early months of DWR being a public company. Concurrently, the Company wishes to announce the appointment of Mr. Andrew Lindzon as President and CEO, and a Director of the Company, as well as the appointment of Ms. Alexandra Frank as VP Marketing.
Mr. Lindzon is a graduate of Osgoode Hall Law School and has consulted to a number of organizations around technology and business processes across North America. He is the founder of Ashlin Technology Solutions which provides leading edge technology to the Fortune 1000. Andrew also has strong public market experience serving as a Director in a number of companies.
Ms. Frank has studied Biology and Neurosciences at Wilfrid Laurier University and has worked as a consultant in the health and wellness areas. Additionally, she was also a product marketing and strategy consultant for Revive Therapeutics, a pharma-IP based portfolio company.
“We are very pleased to welcome Andrew Lindzon and Alexandra Frank to our team”, commented Mr. Turpin Chairman of the Company, adding, “their experience and relationships will assist us in seeking and evaluating future opportunities to complement our existing water assets and grow the Dominion Water brand.”
The Company announces that it has raised $650,000 by way of a non-brokered private placement of 6,500,000 Units, at an issue price of $0.10 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”) and one Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share at a price of $0.15 per Share for a period of 36 months following the closing of the Financing. The net proceeds of the Financing will be used for working capital purposes.
In connection with the closing of the Financing, the Company paid certain finder’s fees to EMD Financial Inc. and PowerOne Capital Markets Limited consisting of an aggregate of $65,000 in cash, 325,000 Shares and 325,000 finder warrants having the same terms and conditions as the Warrants issued pursuant to the Financing.
All securities issued pursuant to the Financing are subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until February 17, 2021.
The Company announces that it has settled an aggregate of $104,455 in trade payables to two arm’s length parties through the issuance of an aggregate of 994,809 Shares of DWR at an issue price of $0.105 per Share. All Shares issued pursuant to the Debt Settlement are subject to a hold period of four months and one day from their date of issuance and as such are restricted from trading until February 17, 2021.
About Dominion Water Reserves Corp.
DWR’s operations are based in Quebec, with its primary business being a consolidator of the water industry by acquiring fresh spring water permits and developing operations across Quebec with plans to expand across North America. DWR controls more than 30% of Quebec’s volume of fresh groundwater reserves currently under permit and is strategically positioned to increase its holding. DWR’s mission is to acquire, manage and develop spring water assets building a critical mass in terms of capacity and strategically securing a leadership role in North America’s fresh spring water market. The corporation prioritizes sustainability and environmental consciousness.
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