TORONTO, April 17, 2018 (GLOBE NEWSWIRE) -- FTI Foodtech International Inc. (TSXV:FTI) ("FTI" or “the Company”) announces that it has closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $286,650. The Company issued 573,300 units at an issue price of $0.50 per unit, with each unit comprised of one common share and one common share purchase warrant. Each warrant will be exercisable into one common share of the Company at an exercise price of $1.00 per share for a period of one year following the closing date. The securities issued in connection with the private placement are subject to a four-month hold period that will expire on July 31, 2018. Approval was received from the TSX Venture Exchange for this first tranche of the private placement on Monday, April 16th, 2018, for all subscriptions prior to March 31, 2018. Directors of the Company did not participate in this private placement. There were no finder’s fees or commissions paid for this tranche of the private placement.
The proceeds will be used for costs related to the integration of FLASH coin and blockchain technology with the barter industry, to fund liquidation projects, to evaluate other opportunities, to cover the company’s operating expenses and to reduce company debt.
Other than mentioned above, there is no material change with FTI that would account for the recent market activity and share price fluctuations. As such, we cannot comment on the recent changes.
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.