Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

April 01, 2011 16:00 ET

Fireswirl Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Fireswirl Technologies Inc. (TSX VENTURE:FSW) ("the Company"), is pleased to announce that, subject to final regulatory approval, it intends to carry out a private placement (the "Private Placement") for 4,000,000 units (each a "Unit") at a subscription price of $0.13 per Unit. Each Unit will consist of one common share (a "Share") and one-half of a share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Share at a price of $0.19 for a period of one year from the date of issue. All Shares issued with respect to the Private Placement will be subject to a hold period that expires four months and a day from the closing date in accordance with the rules and policies of the TSX Venture Exchange ("TSX-V") and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.

The Company is expecting to raise aggregate gross proceeds of $520,000 from the sale of the Units. Upon closing, subject to TSXV approval, Fireswirl may pay a finder's fee to an arm's length party within the maximum amount permitted by the policies of the TSXV.

The Company intends to use the net proceeds of the Private Placement for working capital and operating expenses.

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to its performance, business and future events. In particular, this news release contains forward-looking statement relating to the completion of the Private Placement. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, statements regarding the outlook for future operations, evaluation of market conditions, and the ability to raise financing. Investors are cautioned that any such forward-looking statements are not guarantees and may involve risks and uncertainties, and that actual results may differ from those in the forward-looking statements as a result of various factors such as general economic and business conditions, including changes in interest rates, prices and other economic conditions; actions by competitors; natural phenomena; actions by government authorities, including changes in government regulation; uncertainties associated with legal proceedings; technological development; future decisions by management in response to changing conditions; the ability to execute prospective business plans; and misjudgments in the course of preparing forward-looking statements. These risks, as well as others, could cause actual results and events to vary significantly. The Company does not undertake any obligation to release publicly any revision for updating any voluntary forward–looking statements.

Neither 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.

Contact Information

  • Fireswirl Technologies Inc.
    Tony Lau