Posera Completes $2.3 million Private Placement of Common Shares

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWS WIRE SERVICES/

TORONTO, Jan. 20, 2017 /CNW/ - Loudon Owen, CEO and Chairman of Posera Ltd. ("Posera" or the "Company"), is pleased to report that Posera has closed a non-brokered private placement of common shares ("Common Shares"). Under the private placement, the Company issued a total of 18,899,997 Common Shares at a price of $0.12 per Common Share (the "Offering") for gross proceeds of $2,268,000. Posera paid finders fees in the aggregate amount of $71,098 in connection with certain subscriptions for Common Shares, representing 6.0% of the gross proceeds of such subscriptions.

Certain Common Shares issued in connection with the Offering are subject to a 4-month hold period which expires on May 21, 2017.

The proceeds from the Offering are being used to increase the working capital of the Company. The Common Shares have been conditionally approved for listing on the Toronto Stock Exchange ("TSX").

The Common Shares are listed on the TSX under the symbol "PAY".

About POSERA

Posera has been a leading provider of hospitality technology for more than 30 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.

Posera's full service solutions include SecureTablePay, which is an EMV compliant Pay-At-The-Table application. Posera's MaitreD'TM and FingerPrintsTM restaurant management systems offer a robust and comprehensive solution including hardware integration services, merchant staff training, system installation services, post-sale software and hardware customer support. Posera's solutions are deployed globally including across the full spectrum of restaurants, from large chains and independent table service restaurants to international quick service chains and its products have been translated into eight languages.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

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 to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

More information about Posera can be found on the Company's website at www.posera.com or under the Company's profile on SEDAR at www.sedar.com.

Forward-Looking Statements 

This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Forward-looking statements include the expected use of proceeds of the Offering. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Posera's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the most recent Annual Information Form of the Company filed on SEDAR. Posera 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 required by law. 

SOURCE Posera Ltd.

For further information: Kevin Mills, Chief Financial Officer, 1.416.703.6462 ext. 2203, kmills@posera.com, www.posera.com; Investor Relations Contact: Caleb Jeffries, 1.604.684.6730


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890