Mr. C. Howie Honeyman reports

FORWARD WATER TECHNOLOGIES CORP. ANNOUNCES BROKERED PRIVATE PLACEMENT

Forward Water Technologies Corp. has arranged a brokered private placement of a minimum of 20 million units and a maximum of 40 million units, on a commercially reasonable efforts agency basis, at a price of five cents per unit for gross proceeds of $1-million to $2-million.

The offering may consist of up to 26,525,774 units issued pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 -- Prospectus Exemptions for maximum gross proceeds of $1,326,288.70 (the Life offering). There is an offering document relating to the Life offering that can be accessed under the company's profile. Prospective investors should read this offering document before making an investment decision.

In addition, the company will complete, concurrent with the Life offering, a brokered private placement of up to 40 million units on the same terms as the Life offering, for gross proceeds of up to $2-million. The units sold under the concurrent private placement will be sold pursuant to applicable exemptions under NI 45-106 other than the listed issuer financing exemption.

In no case will the aggregate amount raised under the Life offering and concurrent private placement be more than $2-million and no more than $1,326,288.70 will be raised though the sale of units under the Life offering. The closing of the Life offering is conditional upon the raising of at least $1-million in gross proceeds under the Life offering and concurrent private placement.

Each unit will consist of one common share of the company and one share purchase warrant of the company. Each warrant will entitle the holder to purchase one share at a price of 7.5 cents per warrant share at any time on or before the date which is 36 months after the issuance of the warrant, subject to adjustment in certain events.

The Life offering and concurrent private placement will be conducted by Leede Jones Gable Inc. as lead agent and sole bookrunner, on behalf of a syndicate of agents. The Life offering and concurrent private placement are being made to purchasers resident in each of the provinces of Canada, except Quebec, and to purchasers resident in such jurisdictions outside of Canada as agreed to by the agents and the company.

The company will use the net proceeds of the Life offering and concurrent private placement to continue the engineering efforts to support the commercialization of the company's forward osmosis process, continue sales and market efforts, and for working capital and general corporate purposes.

At the closing of the Life offering and concurrent private placement, the company shall pay to the agents a cash commission equal to 10.0 per cent of the gross proceeds of the Life offering and concurrent private placement and will issue to the agents a number of non-transferable warrants of the company equal to 10.0 per cent of the number of units sold under the Life offering and concurrent private placement, each broker warrant will be exercisable for a period of 36 months following the closing of the Life offering and concurrent private placement to acquire a unit at an exercise price equal to the issue price, subject to adjustment in certain events. A reduced cash commission of 5.0 per cent and a reduced number of broker warrants equal to 5.0 per cent of the number of units shall be payable with respect to units sold to purchasers in the Life offering and concurrent private placement on a president's list.

The Life offering and concurrent private placement are scheduled to close on or around Nov. 27, 2023 (or such other date as the company and the agents may agree), and are subject to certain conditions including, but not limited to, receipt of all necessary approvals including satisfaction of listing conditions of the TSX Venture Exchange.

About Forward Water Technologies Corp.

Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the Earth's water supply using its patented forward osmosis technology. The company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for reuse or surface release. The company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial waste water, oil and gas, mining, agriculture, and ultimately municipal water supply and reuse market sectors. In addition, the company has initiated early stage research and development for the treatment of food and beverage process streams.

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