/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE
SERVICES./
Proceeds to be used for operations
expansion and talent acquisition
CALGARY, June 28, 2019 /CNW/ - Renoworks Software
Inc. (TSXV:RW) ("Renoworks"), the leading visualizer
platform for the home remodeling and construction industry,
announces that it has completed its previously announced private
placement (the "Private Placement") and raised $750,000 via the issuance of 2,500,000 units
(each a "Unit") at a price of $0.30 per Unit. The Private Placement was
fully subscribed.
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 the TSX
Venture Exchange and applicable securities laws.
Pursuant to the Private Placement, Renoworks also issued 156,030
Units to certain arm's length parties as finders' fees in
connection with their efforts in locating subscribers for the
Private Placement. Renoworks also issued an aggregate of 156,030
broker warrants ("Broker Warrants") to the finders.
Each Broker Warrant will be exercisable at an exercise price of
$0.40 into one common share for a
period of 24 months from the closing date.
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).
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.