FRX Innovations Inc. announced a non-brokered private placement of 5,000,000 units at a price of CAD 0.30 per unit for gross proceeds of CAD 1,500,000 on November 24, 2022. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one additional common share of the company at a price of CAD 0.40 per unit at any time on or before the 36-month anniversary of the date of closing. Commissions of CAD 29,840 and 99,468 warrants were paid in association to the transaction. All securities issued pursuant to the transaction will be subject to a statutory hold period ending on March 25, 2023.

On the same day the company issued 2,073,345 units of the company at a price per unit of CAD 0.30 per unit , for aggregate gross proceeds of CAD 622,004 in its first tranche.