GUELPH, Ontario, March 24, 2020 (GLOBE NEWSWIRE) -- Current Water Technologies Inc. (TSX-V: WATR) (“CWTI” or “the Company”) is pleased to announce that it has completed the first tranche of the Private Placement announced March 06, 2020 and updated March 11, 2020. The Company has raised a total of $220,000 of the proposed $500,000.
In connection with this tranche of the Private Placement, the Company has paid no finder's fees.
The Company is continuing to raise capital at a price of $0.02 per unit. Each Unit is comprised of one Common Share in the capital stock of the Company and a full share purchase warrant (“Warrant”), which is exercisable for a period of five (5) years from the date of closing. One purchase warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.05 per common share.
The Private Placement is being made pursuant to the grant of a ‘discretionary waiver’ of the TSX Venture Exchange minimum $0.05 pricing requirement and is subject to acceptance by the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period, in accordance with applicable securities laws. The Private Placement is expected to close March 31, 2020.
In order to participate in the Private Placement, existing shareholders must notify the Company no later than 10:00am Eastern time on April 10th, 2020.
About Current Water Technologies Inc.
Current Water Technologies is a “Technology Company” applying its patented and proprietary “Electrochemical Technologies” to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Incorporated will operate as a division of the Company and continue to function as an integrated pump station manufacturer specializing in custom design and automation.
The common shares trade on Tier ll of the TSX Venture Exchange under the symbol “WATR”.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gene S. Shelp, Ph.D., P.Geo.
President and CEO
Tel: (519) 836-6155
Fax: (519) 836-5683
Web Site: www.currentwatertechnologies.com
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Current Water Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Current Water believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Current Water undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.