VANCOUVER, British Columbia, Aug. 02, 2017 (GLOBE NEWSWIRE) -- RewardStream Solutions Inc. ("RewardStream" or the "Company") (TSXV:REW) (Frankfurt:JL4L) (WKN Number A2APX1) announces that it has closed a non-brokered private placement (the "Private Placement") and has raised $498,965 through the issuance of 5,870,174 units of the Company (the "Units") at $0.085 per Unit.
Each Unit consists of one common share and one-half of one share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one additional common share at a price of $0.17 per share until August 2, 2019. The Warrants are subject to an accelerated expiry if the 10 trailing-day volume weighted average price of the Company's shares on the TSX Venture Exchange ("TSX-V") exceeds $0.255. In such event the holder will be given notice that the Warrants will expire 30 days following the date of such notice. The Warrants will be exercisable by the holder during the 30-day period between the notice and the expiration of the Warrants.
Securities issued in connection with the Private Placement will be subject to a hold period expiring December 3, 2017.
In connection with the Private Placement, RewardStream paid eligible finders a cash commission of $21,911, and issued 257,774 non-transferable finders warrants (a "Finders Warrant"). Each Finders Warrant entitles the holder to acquire one common share at an exercise price of $0.17 per share until August 2, 2019.
The net proceeds of the Private Placement will be used for general working capital and corporate purposes.
The Private Placement is subject to final TSX-V acceptance.
ON BEHALF OF THE BOARD OF DIRECTORS OF REWARDSTREAM SOLUTIONS INC.
BY ORDER OF THE BOARD
" Robert Goehring"
Robert Goehring
President and CEO
REWARDSTREAM SOLUTIONS INC.
About RewardStream Solutions Inc.
RewardStream specializes in the execution of automated referral marketing programs that help brands to acquire, engage, and retain their most valuable stakeholders - customers. By utilizing an innovative blend of marketing insight and proprietary technology, RewardStream turns an existing customer base into a powerful new sales channel for all our clients. RewardStream delivers a scalable, real-time technology platform as the foundation of our client's referral program. The platform provides customer acquisition programs that deliver new, highly loyal customers at very low cost per acquisition rates. Our award-winning marketing solutions have powered loyalty and referral marketing programs across 39 countries for brands including Boost Mobile, Envision Financial, W Concept, Koodo Mobile and more. For more information please visit www.rewardstream.com.
Forward-Looking Information
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds and the results of financing efforts - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.