Unit 19, 1610 Derwent Way, Delta, BC, V3M 6W1, Canada, www.fab-form.com, TOLL FREE (888) 303-3278
PRESS RELEASE
FAB-FORM INDUSTRIES LTD ANNOUNCES DEBT SETTLEMENT ACTIONS OF $ 144,089.55 FOR THE PURPOSE OF FINANCING ONGOING PROJECTS AND IMPROVING WORKING CAPITAL.
DELTA, BC (October 18, 2021) The company is arranging debt settlement actions of 261,981 units, priced at 0.55 units. Each unit consists of one ordinary share of the Company. The proceeds of the debt settlement will be used for;
- research and development of fabrics optimized for Fast-Tube® which will include travel costs and associated testing costs;
- to replace existing Fastfoot machines whose design was completed in late 2sd quarter 2021;
- purchase new machines for Monopour assembly; and
- to improve general working capital.
Pursuant to and subject to the terms of the agreements with the creditors (the “Debt Settlement Agreements”), the Company will issue a total of 261,981 Common Shares (each one “Common Share”) to the creditor at a deemed price of 0 , $ 55 per common share, in debt settlement.
The issuance of Common Shares to the Creditor under the Debt Settlement Agreements is subject to the approval of the TSX Venture Exchange. The common shares will be subject to a statutory resale restriction which will expire four months and one day from the date of issue in accordance with applicable securities laws.
About Fab-Form Industries Ltd
Fab-Form Industries Ltd. (“Fab-Form”) is a leading manufacturer of environmentally friendly concrete forming products located in Vancouver, BC Canada. Since its inception in 1986, the company has invented, developed and marketed greener and more durable foundation products for the construction industry.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this document.
The Company develops, manufactures and distributes proprietary technology for forming concrete footings, columns, foundations and walls for building structures. The Company also exclusively distributes Helix® micro rebar in the British Columbia market and Nudura® Insulated Concrete Forms in the Lower Mainland market. The Company has been listed on the TSX Venture Exchange (“TSXV” under the symbol FBF) since 2000.
On behalf of the board of directors
Richard Fearn, President and CEO
FAB-FORM INDUSTRIES LTD.
Unit 19, 1610 Derwent Way,
Delta, BC V3M 6W1
Canada.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this document.
Disclaimer
Fab-Form Industries Ltd. published this content on October 18, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 18 October 2021 09:11:05 PM UTC.
Public now 2021
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