CALGARY, ALBERTA--(Marketwired - July 31, 2015) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES.)
RenoWorks Software, Inc. (TSX VENTURE:RW) ("RenoWorks") is pleased to announce that it has closed its previously announced non-brokered private placement of 1,982,600 units (the "Units") of Renoworks at $0.30 per Unit for aggregate gross proceeds of $559,500 (the "Private Placement").
Each Unit is comprised of one common share in the capital of RenoWorks (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.50 per Common Share at any time prior to the date that is eighteen months following the closing date of the Private Placement. The Common Shares and Warrants issued in connection with the Private Placement will be subject to a four-month hold period from the closing date, as prescribed by TSX Venture Exchange and applicable securities laws.
In connection with the private placement, RenoWorks will grant an aggregate of 117,600 Units and an aggregate of 117,600 options to purchase shares (the "Finder's Warrants") to the finder, Canaccord Genuity Corp. Each Finder's Warrant entitles the holder to acquire one Common Share at an exercise price of $0.50 for a period of eighteen months following the closing date of the Private Placement.
The Private Placement is still subject to final approval from the TSX Venture Exchange.
About RenoWorks
RenoWorks Software Inc. develops and markets cutting edge visualization software and business growth tools for the remodeling and new home construction industries. RenoWorks software and web solutions use digital imaging to showcase interior and exterior building products on a picture of a customer's room, home, or blueprint. The software allows users to envision various 'before and after' design options using a database of actual manufacturer's products.
For more information, visit
www.renoworks.com, or call 403-296-3880.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the completion of the private placement. The forward-looking statements and information are based on certain key expectations and assumptions made by RenoWorks, including the ability to obtain the required TSX Venture Exchange approval. Although RenoWorks believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because RenoWorks can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, RenoWorks being unable to close on the proposed subscriptions and being unable to obtain the requisite regulatory approval. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. RenoWorks undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.