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Resaas Services prices $5-million unit offering

2015-11-25 13:16 ET - News Release

Ms. Danielle Sissons reports

RESAAS ANNOUNCES $5,000,000 UNIT OFFERING AND FILING OF PROSPECTUS SUPPLEMENT

Resaas Services Inc. has filed a prospectus supplement to its short form base shelf prospectus dated June 2, 2015, in respect of the previously announced public offering of units. Further to the company's press release dated Nov. 24, 2015, Resaas is offering, on a commercially reasonable efforts agency basis, in the provinces of British Columbia, Alberta and Ontario, up to 3,333,333 units at a price of $1.50 per unit for total gross proceeds to the company of up to $5-million. Each unit consists of one common share of Resaas and one share purchase warrant exercisable into one common share at a price of $3 per share for a period of 24 months from the closing date of the offering.

The offering includes an overallotment option of up to 499,999 additional units at the offering price, for total additional gross proceeds to the company of up to $750,000, to cover the overallocation position of the agents and for market stabilization purposes. The overallotment option is exercisable by the agents in whole or in part at any time up to 30 days following the closing date.

Pursuant to an agency agreement dated Nov. 24, 2015, Euro Pacific Canada Inc. is leading the syndicate for the Canadian portion of the offering that also includes Mackie Research Capital Corp. The commission payable by Resaas to the agents is described in detail in the company's Nov. 24, 2015, press release.

Concurrent with the public offering, Resaas is also completing an offering of units on a private-placement basis in the United States at the same price and on the same terms.

Resaas plans to use the proceeds of both offerings for continued development of its technology platform, expansion of the company's services in international markets, the hiring of additional employees to support its continued growth and for general working capital.

We seek Safe Harbor.

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