Forward Water Technologies Corp. announced a private placement of 10,000,000 subscription receipts at a price of CAD 0.15 per receipt for the gross proceeds of CAD 1,500,000 on May 14, 2024. Each subscription receipt entitling the holder to receive one common share and one-half of a common share purchase warrant, each whole such warrant entitling the holder to purchase one share at an exercise price of CAD 0.20 at any time prior to the third anniversary of the issuance of such warrant.

The subscription receipts would convert into the underlying shares and warrants immediately prior to completion of the transaction, which company's shares and warrants would be exchanged for shares and like warrants of company based on the Exchange Ratio pursuant to the transaction. Assuming that CAD 1,500,000 is raised in the concurrent financing this will result in 103,666,848 pre-consolidation shares being issued to the investors in the Concurrent Financing on closing of the transaction.