Early Warning Press Release of Evonik Venture Capital GmbH

Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Evonik Venture Capital GmbH ("Evonik"), an entity controlled by Evonik Industries AG, a publicly-listed German company, holds 10,004,415 common shares ("Common Shares") and 94,500 common share purchase warrants (the "Warrants") in the capital of FRX Innovations Inc. (the "Company").

On March 1, 2024, the Company announced the completion of a non-brokered private placement offering (the "Offering") of 18,906,266 units of the Company. Each unit consisted of one Common Share of the Company and one Warrant of the Company. Evonik did not participate in the Offering.

Prior to the Offering, Evonik held 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.

Following the completion of the Offering, Evonik's Common Shares and Warrants represent approximately 8.4% of the Company's issued and outstanding securities on a non-diluted basis, and approximately 8.5% on a partially diluted basis, assuming exercise of Evonik's Warrants. As a result, Evonik no longer has beneficial ownership of, or control or direction over, voting or equity securities of the Company or securities convertible into voting or equity securities of any class of the Company that, together with Evonik's securities of that class, would constitute 10% or more of the outstanding securities of that class.

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.sedarplus.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222945