Renoworks Announces Proposed Private Placement of Units
FOR IMMEDIATE RELEASE – November 28th, 2016
CALGARY, ALBERTA, November 28th, 2016 – Renoworks Software Inc. (TSXV: RW)(OTC PINK: RWOKF)(“Renoworks” or the “Company”), the leading visualizer for the home remodeling and construction industry, proposes to complete a non-brokered private placement of units (the “Units”) to raise gross proceeds of up to $500,000 (the “Private Placement”).
Renoworks proposes to issue up to 1,666,667 Units 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 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 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 Software Inc. develops and sells unique digital visualization software for the remodeling and new home construction industry. Delivered online and through mobile apps, Renoworks provides technology to manufacturers, contractors, remodelers builders and retailers offering the solution to one of the home remodeling 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 PROTM, and its Software Development Kit, Renoworks SDK™. For more information, visit www.renoworks.com.
For further information please contact:
Phone: 403-296-3880 ext 252
Renoworks Software Inc.
2816 -21st Street NE, Suite 7
Calgary, Alberta, Canada T2E 6Z2
For investor information please contact:
Contact Financial Corp.
1450 – 701 West Georgia St.
Vancouver, BC, Canada V7Y 1G5
This press release contains “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information is any information about Renoworks that is prospective in nature, and often includes words such as “anticipates,” “believes,” “expects,” “estimates,” “intends,” “plans,” and words and terms of similar substance, in connection with discussions about Renoworks’s future operating or financial performance.
The forward-looking information in this press release includes disclosure about the terms and conditions of Renoworks’ Private Placement.
Renoworks made certain material assumptions to develop the forward-looking information, including assumptions regarding future economic conditions and Renoworks’ courses of action.
Actual results may vary from the forward-looking information in this press release due to certain material risk factors. Certain of these risk factors are set out in more detail in Renoworks’ MD&A for the year ended December 31, 2015, which is available on Renoworks’ profile on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
Renoworks assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under applicable securities legislation.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. 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. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.