Dr. Carolyn Myers reports

FENDX TECHNOLOGIES ANNOUNCES SECOND CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND ANNOUNCES FURTHER UPSIZING TO $2 MILLION

Further to its news releases dated Dec. 20, 2023, and Feb. 2, 2024, Fendx Technologies Inc. has completed the second closing of its non-brokered private placement and has issued 4,875,000 units at a price of 20 cents per unit raising gross proceeds of $975,000. The company has raised aggregate gross proceeds of $1.5-million pursuant to the two closings of the offering to date. The company also announces it is increasing the offering again for up to an additional 2.5 million units to raise additional gross proceeds of up to $500,000 or such greater amount as the company may determine, for total gross proceeds to be raised under the offering of $2-million, to accommodate increased demand. Strategic investors including two funds and insiders participated in this second closing.

Each unit comprised one common share in the capital of the company and one transferable share purchase warrant. Each warrant is exercisable for one share at a price of 40 cents per warrant share for a period of three years after the closing date, subject to an acceleration right, as described in the company's press release dated Dec. 20, 2023. In connection with the closing, the company paid finders' fees to eligible finders comprising $32,400 in cash and 126,200 finder units and issued 288,200 finder warrants. Each finder unit comprised of one unit and each finder warrant is exercisable into one common share at an exercise price of 20 cents for 36 months from the closing date of the offering.

The company intends to use the net proceeds from the offering to advance the company's scale-up activities on both its Repelwrap film and spray technologies and for general corporate purposes.

Closing of the offering is subject to receipt of all necessary regulatory approvals, including from the Canadian Securities Exchange. All securities issued in relation to the offering are subject to a hold period expiring four months and one day after the closing date, in accordance with applicable securities laws. In connection with the second tranche closing, insiders of the company acquired an aggregate of 200,000 units which constituted a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by the virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) as the value of the units did not exceed 25 per cent of the company's market capitalization.

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 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 licence to its technology and IP (intellectual property) portfolio from McMaster, which encompasses both film and spray coating nanotechnology formulations.

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