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Up to $750,000
for operations expansion and talent acquisition
CALGARY, June 14, 2019 /CNW/ - Renoworks Software Inc.
(TSXV:RW) ("Renoworks"), the leading visualizer platform for
the home remodeling and construction industry, announces that it is
revising the terms of its previously announced proposed private
placement and now intends to complete a private placement (the
"Private Placement") to raise up to $750,000 via the issuance of up to 2,500,000
units (each a "Unit") at a price of $0.30 per Unit.
Each Unit is comprised of one common share in the capital of
Renoworks (a "Common Share") and one-half of one common
share purchase warrant (each whole common share purchase warrant, a
"Warrant").
Each whole Warrant entitles the holder to purchase one Common
Share at a price of $0.40 per Common
Share at any time prior to 4:00 p.m.
(Mountain Standard Time) on the date that is twenty-four
(24) 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 (4) month hold period
from the closing date, as prescribed by TSX Venture Exchange and
applicable securities laws. The closing of the Private Placement is
subject to receipt of subscription agreements from suitable
investors and receipt of TSX Venture Exchange approval.
2019/2020 Expansion
Growth trends in the home
remodeling and construction industry, and increased integration of
digital technologies among building product companies has
translated into growing demand for visualization solutions and
ancillary services. Renoworks' year-over-year strong performance
provides strong indication that these trends will continue as more
of the industry embraces its solutions.
"Demand for our Design Services has grown in the short few years
since its inception," stated Doug
Vickerson, CEO of Renoworks. "We are now supporting some of
the top building product manufacturers in the world through this
group and will continue to do so to better deliver on our corporate
vision."
To build upon this momentum, Renoworks will provision the funds
raised to support its thriving Design Services Group, as well as
expand and extend its reach into current and new industries via
Renoworks FastTrack – its all-in-one design and measurement
platform for contractors, installers and roofers.
The acquisition of new talent and skilled labour through the use
of these funds will better support its current pipeline of projects
and allow Renoworks to pursue new opportunities available through
its strategic partnership with Geomni, and the new Renoworks
FastTrack platform.
Renoworks will also advance its development of machine learning
(M.L.)/artificial intelligent (A.I.) technologies, and leadership
in business analytics for the industry.
About Renoworks
Renoworks Software Inc. develops and sells unique digital
visualization software and integration solutions for the remodeling
and new home construction industry. Renoworks delivers its
technology to manufacturers, contractors, builders, and retailers,
offering solutions to one of the home improvement industry's
greatest challenges: enabling homeowners to review their product
selections in a true-to-life virtual environment before committing
to purchases and construction. Renoworks markets its technologies
as innovative engagement tools and generates revenues from five
main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks
Design Services, Renoworks FastTrack and Renoworks API (Application
Programming Interface).
Forward-Looking Information
Certain statements in
this news release, other than statements of historical fact, are
forward-looking information that involves various risks and
uncertainties. Such statements relating to, among other things,
Renoworks' intention to complete a private placement of units to
raise up to $750,000, are
forward-looking and are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
There is no assurance that Renoworks will be able to raise
$750,000 or any lesser amount.
Further, there is no assurance that Renoworks will be able satisfy
any conditions to closing the Private Placement that may
arise. These uncertainties may cause actual results to differ
from information contained herein. There can be no assurance that
such statements will prove to be accurate. Actual results and
future events could differ materially from those anticipated in
such statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions
of the management on the dates they are made and expressly
qualified in their entirety by this notice. Renoworks assumes no
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.