Jan 30, 2023
BOSTON, MA, 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.
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.
Mark Lotz CFO
FRX Innovations Investor Relations and Media Inquiries