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| Home : Formation Fluid Announces Closing of First Tranche of Private Placement Financing |
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May 21
2016 |
Formation Fluid Announces Closing of First Tranche of Private Placement Financing |
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CALGARY, ALBERTA--(Marketwired - May 20, 2016) - Formation Fluid Management Inc. (DBA Formation Fluid Technology Inc.) (TSX VENTURE:FFM) ("FFM" or the "Corporation") announces that it has closed the first tranche of its non-brokered private placement (the "Offering") previously announced on May 5, 2016. The Corporation issued 7,033,366 units (the "Units") at a price of $0.06 per Unit for total gross proceeds to the Corporation of $422,002. Each Unit consisted of one common share (a "Common Share") in the capital of the Corporation and one-half of one warrant to purchase a Common Share (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.12 until May 20, 2018. Following one year and a day from the closing date, the Corporation will have the right to accelerate the expiry date of the Warrants if the closing price of the Common Shares is equal to or greater than $0.12 for 20 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after the date the Corporation gives notice to the holders of Warrants that it has elected to exercise this acceleration right. |
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| Source:http://www.marketwired.com/mw/release.do?id=2127186&sourceType=3 |
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