RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 28, 2009 12:32 ET

RenoWorks Announces Closing of Private Placement and Early Warning Report

CALGARY, ALBERTA--(Marketwire - Aug. 28, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. THIS ANNOUNCEMENT IS NOT AN OFFER OF THE SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION. NO PUBLIC OFFERING OF SECURITIES HAS BEEN OR WILL BE MADE IN THE UNITED STATES AND, ACCORDINGLY, THE SECURITIES WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933.

RenoWorks Software Inc. ("Renoworks") (TSX VENTURE:RW)is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of 4,000,000 common shares ("Common Shares") of Renoworks at $0.05 per Common Share for aggregate gross proceeds of $200,000.

In connection with the Private Placement, a director of Renoworks, Mr. Nairn Nerland, of Okotoks, Alberta, has acquired beneficial ownership and control of an aggregate of 1,920,000 Common Shares. Prior to the Private Placement, Mr. Nerland held 3,279,666 Common Shares and stock options entitling him to acquire up to 100,000 Common Shares. Mr. Nerland now holds 5,199,666 Common Shares (5,299,666 Common Shares if he exercises all of his stock options) which is equal to 19.53% (19.91% Common Shares if he exercises all of his stock options) of Renoworks' issued and outstanding Common Shares. The Common Shares were acquired for investment purposes only and additional common shares may be purchased on the open market.

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 integrated solutions 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RenoWorks Software Inc.
    Doug Vickerson
    CEO and CFO
    (403) 296-3880 x 227
    Website: www.renoworks.com