1,458,795 common shares issued in connection with exercise of warrants
CALGARY, ALBERTA, June 29, 2021 – Renoworks Software Inc. (TSXV: RW) (“Renoworks” or the “Company), the leading end-to-end visualization platform for the building construction industry, announced today that it has received $583,518 from the exercise of warrants formerly issued in its 2019 private placement financing when the company raised $750,000.
The company intends to use the proceeds from the exercise of warrants for the continued development of its platform and talent acquisition to continue to grow sales in 2021 and beyond.
The warrants were issued in connection with the Company’s private placement of units completed in June, 2019 and expired at 4:00pm (Mountain Standard Time) on June 28, 2021. The exercise price of the warrants was $0.40 and, as of the expiry date, 98% (1,458,795 of 1,484,045) of the warrants were exercised in exchange for the issuance of 1,458,795 common shares, bringing the total outstanding Renoworks common shares to 38,423,460 after the exercise of warrants.
“The additional capital invested in Renoworks through the exercise of warrants has put Renoworks in the best financial position the company has ever been in.” Said Doug Vickerson, CEO of Renoworks. “The proceeds will enable Renoworks to continue advancing our strategy to provide and capture more value across the construction and remodeling value chain by further developing our platform and accelerating our sales growth through talent acquisition. I want to thank our shareholders for their support and confidence as Renoworks grows and becomes the leading end-to-end solution at the center of millions of construction and remodeling projects every year.
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, 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, the prospects for the company to enhance operating results, realize a revenue or other return on technology and platform development, capitalize on actual or perceived opportunities in the marketplace, or adequately cope with the impact of COVID-19, 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.