Futuregen arranges $500,000 private placement

Executive Summary

• Futuregen Industries Corp. intends to complete a non-brokered private placement of up to 3,571,428 units at $0.14 per unit, raising up to $500,000 in gross proceeds.
• Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at $0.18 per share for a period of 36 months.
• Proceeds will be used for general corporate and working capital purposes, including operational, R&D, and investor relations objectives.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Offered: Up to 3,571,428 units.
• Price: $0.14 per unit.
• Gross Proceeds: Up to $500,000.
• Warrant Terms: Each unit includes one common share purchase warrant.
  • Exercise Price: $0.18 per share.
  • Term: 36 months.
• Administrative Fees: The company intends to issue shares equal to 1.0% of the total shares issued in the private placement to an arm's-length third party as an administrative fee for assistance with the placement.
• Finders' Fees: The company may pay finders' fees and/or issue finders' warrants on the same terms as the investor warrants to eligible parties who introduced subscribers.
• Use of Proceeds: General corporate and working capital purposes, including pursuit of operational and research and development objectives and investor relations.
• Regulatory Conditions: Closing is subject to necessary regulatory and other approvals.
• Hold Period: All securities issued are subject to a statutory hold period of four months and one day.

Notable Quotes

• None provided in the text.