Vancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - Evonik Venture Capital GmbH ("Evonik"), a subsidiary controlled by Evonik Industries AG, a publically-listed German company, acquired 10,004,415 common shares ("Common Shares") and 94,500 share purchase warrants (the "Warrants") in the capital of FRX Innovations Inc. (the "Company") on May 19, 2022 (the "Transaction"). The Transaction was completed in connection with a reverse-takeover transaction between Good2GoRTO Corp. (the Company's predecessor) and FRX Polymers, Inc.
The Transaction represents an initial acquisition by Evonik of an aggregate of 10,004,415 Common Shares, and 94,500 Warrants, representing approximately 10.05% of the Company's issued and outstanding Common Shares on a non-diluted basis and approximately 10.14% on a partially diluted basis, assuming exercise of the Warrants. The Common Shares and Warrants were acquired in connection with a reverse-takeover transaction between Good2GoRTO Corp. and FRX Polymers, Inc. at a deemed value of $1.00.
The Common Shares and Warrants were acquired by Evonik for investment purposes. Evonik currently does not have any plans to acquire or dispose of additional securities of the Company. However, Evonik may acquire additional securities of the Company, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions, reformulation of plans and/or other relevant factors.
The foregoing disclosure is being disseminated pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting. Copies of the associated early warning report with respect to the foregoing will be filed on the Company's profile on SEDAR at www.sedar.com.
For more information, please contact:
Holger Seier
Head of Marketing R&D
Email: holger.seier@evonik.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179638
