CALGARY, ALBERTA--(Marketwired - Jan. 6, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES.
Renoworks Software Inc. (TSX VENTURE:RW)(OTC PINK:RWOKF)("Renoworks" or the "Company"), the leading visualizer for the home remodeling and construction industry, is pleased to announce that it has closed its previously announced non-brokered private placement of 3,684,966 units (the "Units") of Renoworks, at $0.30 per Unit, for aggregate gross proceeds of $1,105,489.80 (the "Private Placement").
Doug Vickerson, CEO of Renoworks, commented, "It is wonderful to see the overwhelming support from investors and level of interest for our Company. Our cutting-edge visualizer technology and innovative solutions offer many new possibilities for the remodel and new home construction industry. We have all the resources to continue accelerating our growth and take advantage of significant opportunities and current trends in the industry."
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 191,800 Units and an aggregate of 218,281 warrants to purchase Common Shares (the "Broker Warrants") to the finders, Canaccord Genuity Corp., Mackie Research Capital Corporation and Raymond James Ltd. Each Broker 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.
Renoworks Software Inc. develops and sells unique digital visualization software for the remodelling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodelling industry's greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment - even in their own home - before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from three main business lines: enterprise, Renoworks PRO™™, and its Software Development Kit (SDK). For more information, visit www.renoworks.com
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.
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.