CWTI Private Placement for up to $500,000

GUELPH, Ontario, May 27, 2024 (GLOBE NEWSWIRE) -- 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 16,666,667 Common Shares at a price of $0.03 per share. This Private Placement will not include Share Purchase Warrant (“Warrant”).

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 June 3, 2024 (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 Common Shares 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.