FUTR Corporation completes $4.75 million private placement

The FUTR Corporation (TSXV: FTRC) (OTCQB: FTRCF) (FSE: QA20) completed a $4.75 million non-brokered private placement consisting of 23,750,000 units priced at $0.20 per unit, according to a company statement.

Each unit includes one common share and one warrant exercisable at $0.50 per share until May 30, 2028. The warrants contain an acceleration provision that allows the board to reduce the expiration period to 30 days if the stock trades at $1.25 per share on a volume-weighted average price basis over 10 consecutive trading days.

The company plans to use net proceeds for general working capital and growth initiatives, including potential acquisitions. The offering was conducted through private placement exemptions under applicable securities laws, with all securities subject to a four-month hold period.

FUTR Corporation paid cash finder's fees of $219,885 and issued 1,041,425 finder's warrants representing 7% of certain eligible units sold. Each finder's warrant allows the purchase of one unit at $0.20 per unit.

Company insiders, including Chairperson G. Scott Paterson, CEO Alex McDougall and COO Jay Graver, purchased units totaling $568,000, making this a related party transaction under regulatory requirements. The company received exemptions from formal valuation and minority shareholder approval requirements because the transaction value did not exceed 25% of the company's market capitalization.

The FUTR Corporation develops the FUTR Agent App, which allows users to store, manage and monetize personal information while making payments. The completion of the private placement remains subject to TSX Venture Exchange acceptance of regulatory filings.

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