05:58:07 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Fendx Technologies Inc
Symbol FNDX
Shares Issued 53,036,726
Close 2023-12-19 C$ 0.20
Market Cap C$ 10,607,345
Recent Sedar Documents

Fendx arranges $500,000 private placement

2023-12-20 11:32 ET - News Release

Ms. Carolyn Myers reports

FENDX TECHNOLOGIES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT WITH STRATEGIC INVESTORS

Fendx Technologies Inc. intends to undertake a non-brokered private placement of 2.5 million units at a price of 20 cents per unit, for total gross proceeds of $500,000, or such greater number of units and total gross proceeds as the company may determine. To demonstrate continued support of the Company, Bloom Burton & Co. Inc., strategic investors, and insiders are expected to subscribe as lead orders in the Offering.

Each Unit will be comprised of one common share (each, a "Share") in the capital of the Company and one transferable share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable for one Share (a "Warrant Share") at a price of $0.40 per Warrant Share for a period of three years after the closing date, subject to an acceleration right, whereby the expiry date of the Warrants may be accelerated if the daily closing price of the common shares of the Company equals or exceeds $0.60 on the Canadian Securities Exchange (the "CSE") (or such other exchange on which the common shares may then be traded) for 20 consecutive trading days in which event the Company may accelerate the expiry date of the Warrants by giving notice via news release and, in such case, 100% of the then unexercised Warrants will expire on the 30th day after the date on which the news release is disseminated.

The Company intends to use the net proceeds from the Offering to advance the Company's scale-up activities on both its REPELWRAP(TM) film and spray technologies and for general corporate purposes.

Dr. Carolyn Myers, CEO and President of FendX, stated, "We're excited to announce this private placement on the heels of achieving several recent development milestones including a successful first pilot run for our lead product, REPELWRAP(TM) film, initiating scale-up development work on our spray formulation and signing a collaborative research agreement with McMaster to assess coating catheters with our nanotechnology."

Closing of the Offering is subject to receipt of all necessary regulatory approvals, including from the CSE. All securities issued in relation to the Offering will be subject to a hold period expiring four months and one day after the closing date, in accordance with applicable securities laws. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. Certain finder's fees may also be payable to qualifying parties in accordance with applicable laws.

The securities to be issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About FendX Technologies Inc.

FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP(TM) film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has an exclusive worldwide license to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.