OTTAWA, April 26 /CNW/ - TrueContext Mobile Solutions Corporation (TSXV:TMN) ("TrueContext" or the "Company"), a mobile data solutions company today announced that it has successfully
closed its previously announced private placement and that it has
issued an aggregate of 11,875,000 units of TrueContext at $0.16 per
unit (each unit consisting of one common share in the capital of
TrueContext and one half of one common share purchase warrant) for
gross proceeds of $1,900,000. Each whole common share purchase warrant
will entitle the holder thereof to acquire one common share of
TrueContext at an additional purchase price of $0.30 per share at any
time up to April 25, 2013. Unless permitted under applicable
securities legislation, the purchasers of the common shares and common
share purchase warrants may not trade such securities before August 26,
2011. The private placement remains subject to final acceptance from
the TSX Venture Exchange.
The proceeds of the offering will be used by the Company to fund
primarily product development and sales support for the Company's
customers and for general working capital purposes. Insiders of the
Company subscribed for an aggregate of 4,693,250 units of TrueContext.
"We are very pleased to close this financing with strong insider
participation. This is important capital that can be used immediately
to further sales and marketing initiatives with our major US operator
partner" said Alvaro Pombo, Chief Executive Officer, TrueContext.
ABOUT PRONTOFORMSTM AND TRUECONTEXT
TrueContext ProntoFormsTM enables organizations to mobilize business processes in minutes,
increasing productivity and eliminating the use of paper. Workgroups
can create their own forms, capture data from the field, and then
report and act on mission critical information, all in real time and in
a secured and managed cloud environment. The data in the field is
captured on commonly deployed mobile devices, such as Android,
Blackberry, Windows Mobile, Web browsers and iPhone devices.
ProntoFormsTM is the trademark of TrueContext Corporation, a wholly-owned subsidiary
Established in 2001, TrueContext is a pioneer in the creation and
utilization of easy to use Mobile Data Collection applications.
TrueContext's flagship product, ProntoFormsTM (www.prontoforms.com) simplifies field data capture and extends the most powerful business
applications to nearly any mobile device. This award-winning,
patent-pending technology allows non-technical customers to securely
build, manage and deploy a wide variety of forms for mobile workforce
management. For questions or additional information, please contact
TrueContext at firstname.lastname@example.org or at +1.877.668.6438.
Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that
are subject to significant risks and uncertainties that are difficult
to predict. Actual results might differ materially from results
suggested in any forward-looking statements. The Company assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
forward looking-statements unless and until required by securities laws
applicable to the Company. Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
Additional information identifying risks and uncertainties is contained
in the Company's filings with the Canadian securities regulators, which
filings are available at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any securities. The securities have not been and
will not be registered under the United States Securities Act of 1933,
as amended (the "US Securities Act") or any state securities laws and
may not be offered or sold within the United States or to US persons
unless registered under the US Securities Act and applicable state
securities laws or an exemption from such registration is available.
SOURCE TrueContext Mobile Solutions Corporation
For further information:
Alvaro Pombo, Chief Executive Officer
TrueContext Mobile Solutions Corporation
t: 613.599.8288 ext. 1111