CORRECTION: Forward Water Technologies Announces Fiscal Year 2023 Financial Results

CORRECTION: Forward Water Technologies Announces Fiscal Year 2023 Financial Results

Correction of all tables in the Summary of Financial Results

Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce that it has filed its condensed consolidated audited financial statements and related management's discussion and analysis for the three and six months ended September 30, 2023. Copies of these financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedar.com. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated

Operating Highlights and Recent Corporate Developments

  • On July 4, 2023, the Company issued a total of 410,909 common shares in settlement of compensation to AGORA for certain advertising services provided to the Company.
  • On July 25, 2023, the Company announced that it had signed a Heads of Agreement for the potential lease- to-own of the Forward Osmosis ("FO") equipment with a leading developer of battery grade lithium sourced from aquifers using direct lithium extraction (DLE) technology.
  • On August 31, 2023, the Company announced that it has entered into a non-binding Letter of Intent with Alborg CSP to access their flat panel and parabolic solar thermal solution offerings for integration into the Company's FO technology systems, specific to direct lithium extraction applications and where the use of solar thermal integration provides beneficial use to the client.
  • On October 5, 2023, the Company issued a total of 452,000 common shares in the amount of $22,600 in settlement of compensation to AGORA Internet Relations Corp., for certain advertising services provided to the Company.
  • On October 23, 2023, the Company completed a non-brokered private placement of 9,240,000 units at a price of $0.05 per unit for gross proceeds of $462,000. Each unit consisted of one common share of the Company and one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.075 per share at any time on or before October 20, 2026.
  • On October 31, 2023, the Company announced a brokered private placement (the "Offering") of a minimum of 20,000,000 units ("Units") and a maximum of 40,000,000 Units, on a commercially reasonable efforts agency basis, at a price of $0.05 per Unit (the "Issue Price") for gross proceeds of between $1 million to $2 million. The Offering may consist of up to 26,525,774 units issued pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") for maximum gross proceeds of $1,326,288.70 (the "LIFE Offering").
  • In addition, the Company is proposing to complete, concurrent with the LIFE Offering, a brokered private placement of up to 40,000,000 Units on the same terms as the LIFE Offering, for gross proceeds of up to $2,000,000 (the "Concurrent Private Placement"). The Units sold under the Concurrent Private Placement will be sold pursuant to applicable exemptions under NI 45-106 other than the listed issuer financing exemption.
  • In no case will the aggregate amount raised under the LIFE Offering and Concurrent Private Placement be more than $2,000,000 and no more than $1,326,288.70 will be raised though the sale of Units under the LIFE Offering. The closing of the LIFE Offering is conditional upon the raising of at least $1,000,000 in gross proceeds under the LIFE Offering and Concurrent Private Placement.
  • Each Unit will consist of one common share of the Company (each, a "Share") and one Share purchase warrant of the Company (a "Warrant"). Each Warrant will entitle the holder to purchase one Share (each, a "Warrant Share") at a price of $0.075 per Warrant Share at any time on or before the date which is 36 months after the issuance of the Warrant, subject to adjustment in certain events.
  • In December 2021, the Company began the building of a mobile demonstration unit which can be placed on a customer's site to allow for a longer term (6-8 month) performance of the FO technology at industrial throughput that is not achievable in a laboratory setting. This revenue-generating unit was completed in November, 2023 and is now available to be used by our customers.

Management Commentary

"We are pleased with the strong commercial groundwork that has been accomplished in the last quarter and by using this foundation, FWTC expects to complete several of the commercial opportunities it has developed."

Summary of Financial Results

Income Statement

Balance Sheet

Statement of Cash Flows

About Forward Water Technologies Corp.

Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the Company has initiated early stage R&D for the treatment of food and beverage process streams.

For more information, please visit www.forwardwater.com.

Contact Information
For more information or interview requests, please contact:
C. Howie Honeyman - Chief Executive Officer
howie.honeyman@forwardwater.com
416-451-8155

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

SOURCE: Forward Water Technologies Corp.



View source version on accesswire.com:
https://www.accesswire.com/811088/correction-forward-water-technologies-announces-fiscal-year-2023-financial-results

News Provided by ACCESSWIRE via QuoteMedia

FWTC:CA
Forward Water Technologies

Forward Water Technologies Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Logo for Forward Water Technologies (TSXV:FWTC)

Forward Water Technologies


Keep reading...Show less
Forward Water Technologies Chosen to Advise CleanTech Lithium on Development of Lithium Extraction Process

Forward Water Technologies Chosen to Advise CleanTech Lithium on Development of Lithium Extraction Process

Forward Water Technologies Corp (TSXV:FWTC) ("Forward Water Technologies" or the "Company") is pleased to announce that it has been contracted by CleanTech Lithium PLC ("CleanTech Lithium") to provide advisory services for the support and development of CleanTech Lithium's Direct Lithium Extraction (DLE) processes in Chile, this agreement was signed December 31st, 2023

CleanTech Lithium is a pioneering company in the field of lithium extraction from brine, with a focus on sustainable and environmentally friendly practices. The DLE process targeted by CleanTech Lithium aims to revolutionize the lithium extraction industry by efficiently isolating and converting lithium brine into high-purity, battery-grade lithium carbonate, a critical component in the production of lithium-ion batteries for electric vehicles and energy storage systems.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Forward Water Technologies to Participate at the Direct Lithium Extraction 2023 Conference in California, USA

Forward Water Technologies to Participate at the Direct Lithium Extraction 2023 Conference in California, USA

Forward Water Technologies Corp. ("Forward Water" or the "Company") (TSXV:FWTC) announces that Mr. Grant Thornley, Vice-President of Engineering Solution Sales will be present at the Direct Lithium Extraction 2023 Conference as an invited speaker in Orange County, California

Date: December 11-12, 2023

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Canadian Investment Regulatory Organization Trade Resumption - FWTC

Canadian Investment Regulatory Organization Trade Resumption - FWTC

Trading resumes in:

Company: Forward Water Technologies Corp.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Forward Water Technologies Corp. Announces Brokered Private Placement

Forward Water Technologies Corp. Announces Brokered Private Placement

Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce a brokered private placement (the "Offering") of a minimum of 20,000,000 units ("Units") and a maximum of 40,000,000 Units, on a commercially reasonable efforts agency basis, at a price of $0.05 per Unit (the "Issue Price") for gross proceeds of $1 million to $2 million

The Offering may consist of up to 26,525,774 units issued pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") for maximum gross proceeds of $1,326,288.70 (the "LIFE Offering"). There is an offering document relating to the LIFE Offering that can be accessed under the Company's profile at www.sedarplus.ca and at forwardwater.com. Prospective investors should read this offering document before making an investment decision.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Forward Water Technologies Corp. Successfully Closes Non-Brokered Placement

Forward Water Technologies Corp. Successfully Closes Non-Brokered Placement

Forward Water Technologies Corp. (TSXV:FWTC) (the "Company") is pleased to announce the closing of its previously announced non-brokered private placement raising total gross proceeds of $462,000 (the "Offering

The Offering involved the issuance of 9,240,000 units at a price of $0.05 per unit. Each unit was comprised of one (1) common share and one (1) common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.075 per share at any time on or before October 20, 2026.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Bitcoin Well Provides Preliminary Year End Update and Bitcoin Super Company Vision

Bitcoin Well Provides Preliminary Year End Update and Bitcoin Super Company Vision

Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces a preliminary, unaudited year end update and the "bitcoin super company" vision.

Key highlights

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Lake Resources NL  Presenting at the Bell Potter Unearthed Natural Resources Conference

Lake Resources NL Presenting at the Bell Potter Unearthed Natural Resources Conference

Sydney, Australia (ABN Newswire) - Lake Resources (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), the responsible lithium developer, announces that management will present at the Bell Potter Unearthed Natural Resources Conference, a virtual event which began on 12 February and will continue through 15 February, from 9:00 a.m. to 6 p.m. AEDT.

Lake CEO, David Dickson will present to investors on 14 February at 9:50 a.m. AEDT.

Dickson will discuss challenges and opportunities within the lithium sector as well as provide an update on the strategic delivery of Lake's Flagship Kachi project located in the heart of Argentina's Lithium Triangle.

The presentation will be available on the Lake Resources website.

Lake also wishes to congratulate its technology and Kachi project partner, Lilac Solutions, for its successful Series C capital raise to support the continued scaling up of proven technology.

Lilac raised US$145m with support from Mercuria, Lowercarbon Capital, Breakthrough Energy Ventures, Engine Ventures, T. Rowe Price, Sumitomo, Emerson Collective, Mitsubishi and The Nature Conservatory.

For more information or to register to attend the virtual conference, visit:
https://www.abnnewswire.net/lnk/160Q17E0

To view the Presentation, please visit:
https://www.abnnewswire.net/lnk/F7HDJ8UZ



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Klimat X Announces Joint Venture Agreement Terms with Imperative Global Projects for Yucatan Mangrove Project

Klimat X Announces Joint Venture Agreement Terms with Imperative Global Projects for Yucatan Mangrove Project

KLIMAT X Developments Inc. Logo (CNW Group/KLIMAT X Developments Inc.)

Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) (FSE: Q1C) is a leading provider of high-quality technology-enabled carbon credits sourced exclusively from conservation and reforestation carbon projects developed and owned by the Company and its stakeholders, is pleased to announce it has signed a binding Heads of Agreement with Imperative Global Projects Pte Ltd ( Imperative ) to jointly develop the large-scale mangrove restoration project in the State of Yucatan, Mexico secured and previously announced by Klimat X.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Lake Resources NL  JORC Update

Lake Resources NL JORC Update

Sydney, Australia (ABN Newswire) - Clean lithium developer Lake Resources N.L. (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) reports that drilling completed at the Kachi Lithium Brine Project ("Kachi" or the "Project") in Catamarca Province, Argentina continues to intercept lithium bearing brine in sand units favourable to extraction over thick intervals in the southern portion of central resource area.

The K25D44 drillhole (Figure 1* and Figure 2*) was not completed in time to be incorporated into the Project's Definitive Feasibility Study (DFS) for Phase One, released in December 2023. However, the results from the drillhole confirm the presence of higher-grade lithium brine south of the central resource area to a depth of more than 600 m. The results further support the positive hydrogeological modelling results that were the basis for the Project Ore Reserve and Definitive Feasibility Study (DFS) submitted in December 2023. The DFS highlights include:

- Total resource is estimated at 10.6 Mt LCE, a globally significant resource.

- 25-year life of mine (LoM) supported by maiden Ore Reserve statement.

- Phase One targets a production of 25,000 tonnes per annum (tpa) over the LoM to meet the growing demand and specifications of the battery market.

- The 25,000 tpa operation recovers only a small fraction of the Measured and Indicated Resource, which allows Lake to study further expansions.

- DLE process tailored to mitigate impact on the local community with minimal disruption to land, freshwater table, and water usage.

- The Project targets production of consistent battery grade lithium carbonate (>99.5% purity) at site without the need for further refining or processing.

- Kachi is targeting first lithium in 2027 with ramp-up to full capacity by the end of 2028, which is forecast to coincide with the start of a prolonged period of structural deficit for battery grade lithium chemicals.

Drillhole results prove the continuity of higher-grade lithium brines, south of the Phase One DFS extraction wellfield design and across a northwest-southeast trending fault that is interpreted to create the escarpment south of the field. The relatively high lithium and favourable geologic materials grades beyond the planned DFS wellfield highlight continued favourable results for a higher capacity wellfield.

"The latest drilling intercept further demonstrates the vertical continuity of the lithium bearing brine to more than 600 metres in clean, fine and medium grained sands conducive to high productive extraction wells." commented Michael Gabora, Director of Geology and Hydrogeology of Lake Resources. He continued, "With an average of 257 mg/L through the production zones, the K25D44 hole continues the trend of intercepting lithium grades that are significantly higher than the 205 mg/L design basis of the DFS".

Continuation of Higher-Grade Lithium Resource Intercepts to the South

The principal objectives of the K25D44 (K25 Platform) drillhole were to:

1) Test the continuity of the lithium resource to the south, outside of the footprint of the salar;

2) Expand the Measured Resource to the south and potentially connect the Measured Resource to previous positive lithium intercepts at K21 (Figure 1*);

3) Complete additional sampling and analysis of the deeper portion of the unconsolidated deposits from about 400 m to more than 600 m depth; and,

4) Validate lithium concentrations used in the area of K25 in the Ore Reserve analysis completed with the calibrated hydrogeologic model.

K25D44 was drilled about 2.25 kilometres southwest of K16D28 (K16 Platform; Figure 1*) and has an average lithium grade of 219 mg/L from 19 samples collected between 40 and 622 m below ground surface (bgs) (Table 1*). All but two samples were collected with single packer configurations generally with a test interval of about 10 to 15 m, although this varied depending on hole conditions. Standard operating procedures are followed with significant development of the test interval, at least 3 borehole volumes (measured from surface to hole bottom), and sampling only occurs once brine is clear and field chemistry parameters are stable and indicative of reservoir fluids.

A standpipe piezometer was installed and screened between 418 to 430 m below ground surface and was developed and sampled via airlifting. Results for the airlift sample are consistent with the packer testing within the same interval, with 275 mg/L measured by SGS and 248 mg/L measured by Alex Stewart laboratory, for an average of 261 mg/L compared to 263.5 mg/L for a packer collected sample from 424 to 430 m below ground surface (see Table 1*).

The fine to medium-grained sand (Figure 3* and Figure 4*) and low frequency of fine-grained layers within the planned production horizons (i.e., approximately 200 m to 600 m) are consistent with drillholes in the central resource area and both stratigraphy and general chemistry support the continuity of the lithium brine resource throughout the southern portion of the field.

As has been observed in the other greater than 600 m deep drillholes completed to-date, the lithium brine continues to a depth of more than 600 m. Lithium concentrations deeper than 400 m averaged more than 250 mg/L, far exceeding the design basis for the DFS (205 mg/L).

The modelled lithium concentration in the Project Ore Reserve8 at K25 was 268 mg/L (200 m to 600 m) within the production horizon. The weighted average of the laboratory results through the same interval (215 m to 622 m) is 271.7 mg/L. This indicates that the modelled values are representative, if not slightly conservative, relative to the measured data in the field at this location. The results of the comparison further build confidence in the lithium resource model used as the basis for lithium distributions within the hydrogeological model and Ore Reserve modelling.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UOL27931



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Blockmate Investor Briefing Replay

Blockmate Investor Briefing Replay

Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (" Blockmate " or the " Company ") has published a recording of the investor briefing held on 5 February 2024 on its website.

The briefing included presentations from CEO Justin Rosenberg and Chairman Domenic Carosa, outlining plans for Hivello after it successfully closed a USD $2.5 million fundraising round.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
RecycLiCo Battery Materials Announces Zarko Meseldzija resigns from the Board of Directors

RecycLiCo Battery Materials Announces Zarko Meseldzija resigns from the Board of Directors

RecycLiCo Battery Materials Inc. (" RecycLiCo " or the " Company "), TSX.V: AMY, OTCQB: AMYZF, FSE: ID4, hereby announces that Mr. Zarko Meseldzija has resigned from his position on the Board of Directors as of January 21, 2024. As previously communicated, Mr. Meseldzija will continue his association with the Company until March 1, ensuring a smooth transition.

About RecycLiCo

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Forward Water Technologies

Forward Water Technologies Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×