(TheNewswire)
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B
oston
, MA –
TheNewswire
–
January 30, 2023 –
FRX Innovations Inc.
(TSXV:FRXI.V) (FSE:W2A.F)
(OTC:FRXIF)
(“
FRX
,” or the) “
Company
”) reports that is has agreed to settle an
outstanding debt in the amount of CAD $305,200 (the “
Debt
”) owing to an arm’s length
creditor by issuing an aggregate of 1,017,333 common shares in the
capital of the Company (the “
Common Shares
”) at a price of $0.30 per Common Share (the
“
Shares for Debt
Transaction
”). The Board of Directors has determined it is in
the best interests of the Company to settle the outstanding Debt by
the issuance of the Common Shares.
Closing of the Shares for Debt Transaction is subject customary
closing conditions, including the prior approval of the TSX Venture
Exchange. The Company intends to close the Shares for Debt Transaction
as soon as practicable following receipt of the approval from the TSX
Venture Exchange. The Common Shares to be issued pursuant to the
Shares for Debt Transaction will be subject to a hold period of four
(4) months and one (1) day from the date of issuance.
Further in connection with its previously announced non brokered
private placement which closed on January 09, 2023, the Company
reports that aggregate finders fees of $104,424 dollars were paid to
eligible finders along with 348,081 finders warrants. Each warrant
allows the holder to purchase one common share at a price of $0.30 for
a period of 36 months from the date of issuance.
For more information about Polymer Compounders Ltd and FRX
Innovations, please visit
www.polymer-compounders.com
and
www.frx-innovations.com
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About FRX Innovations
FRX Innovations is a global manufacturing company,
producing a family of environmentally sustainable flame-retardant
products that serve several large markets spanning textiles,
electronics, automotive, electric vehicles (EV) and medical devices.
FRX is led by a team of highly experienced business and technical
professionals and is positioned to be a leader in the rapidly changing
flame-retardant plastics and additives market in response to new
legislation prohibiting Brominated and Perfluoro flame retardant
chemicals.
Nofia® is a registered trademark of FRX. Nofia®
products are manufactured at its manufacturing facility on the Port of
Antwerp in Belgium, one of the world’s largest chemical producing
clusters. Nofia Polyphosphonates are produced using sustainable green
chemistry principles such as a solvent-free production process, no
waste by-
products, and near 100% atom efficiency
and are both halogen and PFAS free. FRX’s portfolio includes an
extensive patent estate. FRX,
at the forefront
of the ESG movement to a greener future,
has
been the recipient of numerous awards, including the EPA’s
Environmental Merit Award, the Belgium Business Award for the
Environment, and the Flanders Investment of the Year Award. FRX has
also been recognized six times on the Global Cleantech 100 list.
Contact Information:
FRX Polymers
Mark Lotz
CFO
+1 604-880-6546
FRX Innovations Investor Relations
and Media Inquiries
Investor Relations
Carl Desjardins
+1 514-818-04477
Diane Wilson
+1 978-505-1275
Media Inquiries
Joseph Grande
+1 413-684-2463
Copyright (c) 2023 TheNewswire – All rights reserved.
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