SOURCE: ProntoForms Corporation

ProntoForms Corporation

September 21, 2015 09:30 ET

ProntoForms Corporation Announces Closing of $3.45 Million in Private Placements

OTTAWA, ON--(Marketwired - September 21, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

ProntoForms Corporation (TSX VENTURE: PFM) ("ProntoForms" or the "Company") is pleased to announce that it has closed the bought deal private placement financing (the "Offering") announced on September 2, 2015 of 9,000,000 units (the "Units"), including the full exercise of the underwriters' option, at an issue price of $0.30 (the "Offering Price") per Unit for aggregate gross proceeds to the Company of $2,700,000. The Offering was led by Beacon Securities Limited and included Global Maxfin Capital Inc. (collectively, the "Underwriters"). PowerOne Capital Markets Limited acted as the primary participant in the selling group for the Offering. Concurrent with the Offering, the Company also completed a non-brokered private placement (the "Concurrent Private Placement") with certain insiders of the Company of 2,500,000 Units at the Offering Price for additional aggregate gross proceeds to the Company of $750,000.

Each Unit consists of one common share (a "Common Share") in the capital of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant") of the Company. Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.45 for a period of 18 months from the closing of the Offering. In connection with the Offering, the Underwriters received an aggregate cash fee equal to $162,600. The Company also issued 542,000 compensation options to the Underwriters and the member of the selling group that entitle the holders to purchase Common Shares at the Offering Price for a period of 18 months from the closing of the Offering.

The Company plans to use the net proceeds from the Offering for working capital and general corporate purposes.
The Units, including all underlying securities thereof, are subject to a hold period of four months and one day from their date of issuance under applicable Canadian securities laws.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About ProntoForms

ProntoForms is a mobile workflow platform used by more than 3,500 businesses to collect and analyze field data with smartphones and tablets. Our product delivers an intuitive, secure and scalable solution for mobilizing business processes, with a very low total cost of ownership. Our customers harness the solution to increase productivity and reduce cost, improve quality of service and mitigate risks.
ProntoForms is the winner of the 2015 Frost & Sullivan Competitive Strategy Innovation and Leadership Award for the Mobile Forms Industry.

The company trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.

Certain information in this press release may constitute forward-looking information within the meaning of applicable Canadian securities legislation. For example, statements about the expected use of proceeds from the Offering and Concurrent Private Placement and the Company's future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company

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.

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