Oakville, Ontario--(Newsfile Corp. - March 13, 2025) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX"), a nanotechnology company developing surface protection coatings, announces the closing of its previously announced non-brokered private placement (the "Offering"), which was fully subscribed for, and has issued 4,176,500 units (each, a "Unit") at a price of $0.17 per Unit raising gross aggregate proceeds of $710,005.
Each Unit is comprised of one common share (each, a "Share") in the capital of the Company and one transferable share purchase warrant (each, a "Warrant"). Each Warrant is exercisable for one additional Share (each, a "Warrant Share") at a price of $0.40 per Warrant Share for a period of three years after the closing date (the "Closing Date"), subject to an acceleration right, whereby the expiry date of the Warrants may be accelerated if the daily closing price of the Shares equals or exceeds $0.60 on the Canadian Securities Exchange ("CSE") (or such other recognized securities exchange on which the Shares may then trade) for 20 consecutive days, in which event the Company may accelerate the expiry of the Warrants by given notice via news release and, in such case, all of the then unexercised Warrants will expire on the 30th day after the date on which the news release is disseminated.
In connection with the closing, the Company paid finders fees to eligible finders comprised of $11,927.20 in cash and an aggregate of 157,960 finder's units in lieu of cash fees, with each finder's unit comprised of one Share and one Warrant. In addition, an aggregate of 228,120 finder warrants were issued to the eligible finders under the Offering, with each finder warrant exercisable into one additional Share at an exercise price of $0.17 per Share for 36 months from the Closing Date.
The Company intends to use the net proceeds from the Offering to advance the Company's R&D projects, and for working capital and general corporate purposes, including marketing and investor relations.
Closing of the Offering is subject to receipt of all necessary regulatory approvals, including from the CSE. All securities issued in relation to the Offering are subject to a hold period expiring four months and one day after the closing date, in accordance with applicable securities laws.
The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Further to the Company's press release on March 12, 2025, where the Company announced the engagement of a marketing firm to provide consulting services, the budget for the services is US$200,000 which are anticipated to commence on or about March 19, 2025.
About FendX Technologies Inc.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has an exclusive worldwide license to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE COMPANY
"Carolyn Myers" Carolyn Myers Chief Executive Officer and Director
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; the Offering and its terms; the proposed use of funds of the Offering; statements regarding the anticipated commencement date of the marketing services; statements regarding the Company's intentions and the Company's belief that REPELWRAP™ film will have applications in healthcare settings and other industries. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are only predictions and involve known and unknown risks which may cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking statements, including: that the Offering may receive final approval; that the Company may use the proceeds of the Offering for purposes other than those disclosed in this news release; adverse market conditions; risks that the Company will not complete future financings or raise sufficient funds to complete all of its planned activities; risks related to research and development activities; risks that the Company's products may not be accepted and adopted by the public; the risk that the Company will not obtain necessary approvals and/or clearances as anticipated or at all; the effects of government regulation on the Company's business; risks associated with the Company's ability to obtain and protect rights to its intellectual property; risks and uncertainties associated with the Company's ability to raise additional capital; product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other factors beyond the Company's control. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity or performance. Further, any forward-looking statement speaks only as of the date on which such statement is made and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of such factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Readers should consult all of the information set forth herein and should also refer to the risk factor disclosure outlined in the Company's filings with the British Columbia Securities Commission on SEDAR+ at www.sedarplus.ca.
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