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Resaas closes fully subscribed offering for $5-million

2015-11-26 18:45 ET - News Release

Ms. Danielle Sissons reports

RESAAS ANNOUNCES FULLY SUBSCRIBED $5,000,000 UNIT OFFERING

Resaas Services Inc.'s previously announced $5-million public offering of units has now been fully subscribed. As described in the company's press releases dated Nov. 24 and 25, 2015, the offering consists of up to 3,333,333 units at a price of $1.50 per unit on a commercially reasonable efforts agency basis in the provinces of British Columbia, Alberta and Ontario, which offering was qualified in those jurisdictions by a Nov. 25, 2015, prospectus supplement to Resaas's short-form base-shelf prospectus dated June 2, 2015.

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 exercise by the agents of the 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, has yet to be confirmed. Euro Pacific Canada Inc. is leading the syndicate of agents that also includes Mackie Research Capital Corp.

Resaas plans to use the proceeds of the offering 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 general working capital.

We seek Safe Harbor.

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