Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp. Announce Secured Loan Advancement

Toronto, ON / ACCESSWIRE / June 19, 2024 – Forward Water Technologies Corp. (FWTC) (TSXV:FWTC) and Fraser Mackenzie Accelerator Corp. (FMAC) (TSXV:FMAC.P) have advanced an additional $25,000 to FWTC through a secured loan. This loan aligns with FMAC's previous $25,000 loan and other loans from FirstLine Venture Partners Corporation and Sustainable Chemistry Alliance.

The FMAC loan matures on December 31, 2024, carrying an interest rate of 20% per annum starting 120 days after the definitive agreement related to the proposed transaction between FWTC and FMAC is finalized. FMAC has received TSXV approval to loan up to $225,000 to FWTC.

The transaction aims to serve as FMAC's qualifying transaction under TSX Venture Exchange policies, forming the "Resulting Issuer". Concurrently, FMAC plans to raise a minimum of $1,400,000 via subscription receipts at $0.15 each, providing investors with shares and warrants in the resulting entity.