FAB-FORM INDUSTRIES LTD ANNOUNCES SHARES FOR DEBT SETTLEMENT OF $144,089.55 FOR THE PURPOSE OF FINANCING ONGOING PROJECTS AND IMPROVING WORKING CAPITAL.
DELTA, BC (October 18, 2021) The Company arranging shares for debt settlement consisting of 261,981 units, priced at 0.55 per unit. Each unit consists of one common share of the Company. The proceeds of the debt settlement will be used for;
the research and development of optimized fabric for Fast-Tube® which will include travelling and related testing costs;
to replace the existing Fastfoot machinery for which the design was completed at the end 2nd quarter 2021;
to procure new machinery for Monopour assembling; and
to improve general working capital.
Pursuant to the terms and subject to the conditions of the agreements with the creditors (the "Debt Settlement Agreements"), the Company will issue an aggregate of 261,981 Common Shares (each a "Common Share") to the creditor at a deemed price of $0.55 per Common Share, in satisfaction of the Debt.
The issuance of the Common Shares to the Creditor pursuant to 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 issuance in accordance with applicable securities laws.
About Fab-Form Industries Ltd
Fab-Form Industries Ltd ("Fab-Form") is a leading eco-friendly concrete forming products manufacturer located in Vancouver, BC Canada. Since its inception in 1986, the Company has invented, developed, and commercialized foundation products that are greener and more sustainable for the building industry.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
The Company develops, manufactures, and distributes proprietary technology to form concrete footings, columns, foundations, and walls for building structures. The Company also exclusively distributes Helix® micro rebar into the BC market and Nudura® insulating concrete form into the Lower Mainland market. The Company has traded 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 the information contained herein.
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Fab-Form Industries Ltd. published this content on 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 21:11:05 UTC.
Fab-Form Industries Ltd. is a Canada-based company, which manufactures concrete-forming products. The Company develops, manufactures and distributes technology to form concrete footings, columns, foundations and walls for building structures. The Company also distributes Helix micro rebar into the BC market and Nudura insulating concrete form into the Lower Mainland of BC market. It offers Fastfoot footing forms, Fastfoot commercial forms, Fast-Tube column forms, Fab-Form ICF Monopour and ICF Zont bracing. Fastfoot is ideal for residential and commercial strip footings and pad edging. Fast-Tube is a utility fabric column form for forming round concrete columns. Fab-Form ICF Monopour uses the ICF block itself to form the footing. The Zont Bracing System consists of Zont waler brackets, Zuckle wall aligners, Zat catwalk brackets and carrying Zotes. Its project includes Kitimat Project, Green Lantern Project, Giusti Group Project, Kitgum Uganda Church and others.
FAB-FORM INDUSTRIES LTD. 