Futr closes $6-million private placement

Executive Summary

• The Futr Corp. has closed the final tranche of its non-brokered private placement, bringing the total offering size to $6 million (20 million units at 30 cents per unit).
• The company issued 5,518,037 units in this final tranche, consisting of common shares and warrants, with net proceeds designated for general working capital, growth initiatives, and potential acquisitions.
• In addition to the financing, the company granted incentive stock options and restricted share units (RSUs) to officers and consultants, and paid cash finders' fees and finders' warrants to eligible persons.

Key Details

• Total Financing Size: $6 million total private placement amount.
• Final Tranche Details:
  • Units issued: 5,518,037 units.
  • Price per unit: 30 cents.
  • Total units outstanding after closing: 20 million units.
• Security Structure:
  • Each unit consists of one common share and one-half warrant.
  • Warrant Terms: Exercisable to acquire one common share at $0.45 per share.
  • Warrant Expiration: December 31, 2027.
  • Acceleration Clause: If the stock trades at $2.20 per share on a VWAP basis over a 10-day period, the board may accelerate expiration to 30 days following a news release.
• Use of Proceeds: General working capital and growth initiatives, including potential acquisitions.
• Hold Period: Four-month hold period until January 13, 2026.
• Finders' Fees:
  • Cash fees paid: $338,204 (7% of units placed).
  • Finders' warrants issued: 1,127,348 warrants (7% of certain eligible units sold).
  • Finder's Warrant Terms: Exercisable to acquire one unit at $0.30 per unit until September 30, 2027, subject to an acceleration provision.
• Equity Incentives Granted:
  • Options: 1.11 million options granted to officers and consultants.
  • Exercise Price: 33.5 cents per option.
  • RSUs: 2.5 million restricted share units granted.
  • Vesting: Options and RSUs have a five-year term and vest at a rate of one-48th per month.
  • Plan: Granted pursuant to the company's omnibus equity incentive plan.