FutureGen Industries Announces Closing of Private Placement

Executive Summary

• FutureGen Industries Corp. closed a non‑brokered private placement, issuing 3,571,428 units at $0.14 per unit for total gross proceeds of $500,000.
• Each unit includes one common share and one warrant; the warrant exercise price is $0.18 with a revised term of 24 months (down from the previously disclosed 36 months).
• Proceeds will be used for general corporate and working‑capital purposes, including operational, R&D, and investor‑relations initiatives.

Key Details

• Units Issued: 3,571,428 units at $0.14 per unit → Gross proceeds: $500,000.
• Unit Composition: 1 common share + 1 whole warrant per unit.
• Warrant Terms: Exercise price $0.18 per share; exercisable for 24 months from issuance (amended from the originally announced 36‑month term).
• Administrative Shares: 35,714 shares issued to an arm’s‑length third party as compensation for administrative services related to the private placement.
• Use of Proceeds: General corporate and working‑capital purposes, including support for operational activities, research & development, and investor‑relations efforts.
• Statutory Hold Period: All securities issued are subject to a four‑month‑and‑one‑day hold period under applicable securities laws.
• U.S. Offering Restrictions: Securities not registered under the U.S. Securities Act of 1933; cannot be offered or sold in the United States absent registration or an exemption.

Notable Quotes

(No direct quotes were provided in the release.)