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
The proceeds from the Offering will be utilized for further investment into
“With this additional investment from
“I would like to thank our existing shareholders who participated in the placement, as well as some new institutional investors who have been following our progress and like what they see,” said
In connection with the closing of the second 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
The Common Shares, Warrants and Finder’s Options issued under the second Tranche of the Private Placement are subject to a hold period under applicable securities laws until
Investor Relations Agreement
The Company also announced it has entered into an investor relations agreement with
"The addition of the
Pursuant to the IR Agreement, MarketSmart will be paid
About
About
FluroTest, a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly efficient testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest’s system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs, and other large business and retail locations. Created to support executive business continuity efforts, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing -- processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker’s mobile device within 5 minutes. To learn more, visit FluroTest.com
Although FluroTest has achieved proof of concept prototype, the testing method and device is still in the early stages of research and development and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus. The Platform is currently pending FDA approval.
Contact Information
Chief Executive Officer
403.680.0644
Danny@
www.FluroTech.com
1-877-261-4466
Info@marketsmart.ca
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about: (i) the Offering and the Company’s expected use of proceeds; (ii) the development of the test being developed by FluroTest, the benefits thereof and the market therefor; and (iii) the benefits of engaging MarketSmart to provide investor relations services to the Company. These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, prevailing market conditions and general business, economic, competitive, political and social uncertainties, as well as the ability of FluroTest to develop and commercialize its technology in a timely manner and to obtain the regulatory approvals and financing required in connection with the same, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to use the proceeds of the Offering as set out herein, the risk that competitors will develop a similar or superior testing platform, the technology not having the anticipated testing benefits, the inability of FluroTest to obtain the necessary regulatory approvals to market its technology, the inability of the Company to obtain financing to achieve its purpose on satisfactory terms or at all, the failure to form strategic partnerships necessary to deploy and distribute the technology and the failure to realize the anticipated benefits from engaging MarketSmart. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
Neither the
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