FluroTech Announces Closing of First Tranche of Private Placement

CALGARY, Alberta, Jan. 11, 2021 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is very pleased to announce that it has closed the first tranche of a non-brokered private placement previously announced on December 7, 2020 (the “Offering”).

A total of 3,105,182 Units were sold under the first tranche at a price of $0.135 per Unit for aggregate gross proceeds of $419,200. Each Unit is comprised of one common share in the capital of the Company (“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 Share (or the closing bid, if no sales were reported on a trading day) as quoted on the exchange on any 5 consecutive trading days is greater than $0.395 per Common Share, the Company 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 15^th day after the date on which the Company issues such press release.

In connection with the first tranche of the Offering, the Company paid a finder’s fee to eligible persons consisting of a cash payment in the aggregate amount of approximately $29,343 and the issuance of an aggregate of 217,363 finder’s options (“Finder’s Options”).  Each Finder’s Option entitles the holder thereof to acquire one Common Share at a price of $0.15 per share for a period of 12 months from the date such Finder’s Option was issued.

The Common Shares, Warrants and Finder’s Options are subject to a hold period under applicable securities laws until May 8, 2021. 

The proceeds from the Offering are expected to be utilized for further investment into FluroTest Systems Ltd. (“FluroTest”), a company formed to develop and commercialize a revolutionary pandemic defense system, accelerating optimization work to prepare the system for a real-world clinical trial and general working capital. 

About FluroTech (TSXV: TEST) (OTCQB: FLURF)

FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples for specific applications. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution consisting of its CompleTest platform technology and consumable testing kits.  Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest^TM platform technology.  To learn more, visit FluroTech.com