FRX Innovations Inc. announced a non-brokered private placement on February 27, 2023.

On the same day the company issued 4,450,000 units of the company at a price per unit of CAD 0.30 per unit , for aggregate gross proceeds of CAD 1,335,000 in its first tranche. Each unit consists of one common share of the company and one common share purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one additional common share of the company at a price of CAD 0.40 per unit at any time on or before the 36-month anniversary of the date of closing. Commissions of CAD 30,800 and 102,667 warrants were paid in association to the transaction. All securities issued pursuant to the transaction will be subject to a statutory hold period ending on June 28, 2023. The offering remains open and a further amount of about CAD 1,350,000 is expected to be closed within the next week.