Renoworks Announces Proposed $750,000 Private Placement
CALGARY, ALBERTA, March 21, 2022 – Renoworks Software Inc. (TSXV: RW)(“Renoworks” or “the Company”), the leading visualization platform for the home remodeling and new home construction industry, announces that it intends to complete a private placement (the “Private Placement”) to raise up to $750,000 via the issuance of up to 1,500,000 units (each a “Unit”) at a price of $0.50 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 Warrant entitles the holder to purchase one Common Share at a price of $0.60 per Common Share at any time prior to 4:00 p.m. (Mountain Standard Time) on the date that is eighteen (18) 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.
“Renoworks is well positioned to change the way the building products industry approaches repair and remodel through its innovative lead generation and qualification platform, and strategic relationships,” said Doug Vickerson, CEO of Renoworks. “This small financing provides the Company with the additional capital to deliver on several key strategic initiatives including new features and functionality demanded in the platform and potential strategic partner integrations which are advancing.”
The use of proceeds from this placement will be invested in expanding the company’s presence in the market, marketing and selling new data-infused products and services, continuing to engage in larger strategic integrations with partner platforms, talent acquisition, and general corporate activities.
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 hyper-realistic, virtual environment before committing to purchases and construction. Renoworks markets its technologies as an innovative engagement, sales, and marketing platform and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack, and Renoworks API (Application Programming Interface). For more information, visit www.renoworks.com and www.renoworkspro.com.
FOR FURTHER INFORMATION ON RENOWORKS, or the private placement, PLEASE CONTACT:
Doug Vickerson, CEO
Renoworks Software Inc.
2721 Hopewell Place NE
Calgary, Alberta, Canada T1Y 7J7
FOR INVESTOR RELATIONS FOR RENOWORKS, PLEASE CONTACT:
Sean Peasgood, IR (Sophic Capital)
Phone: (647) 670-2366
FORWARD LOOKING STATEMENT
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, on the terms and conditions proposed. 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.