VANCOUVER, Dec. 18, 2013 /CNW/ - Fireswirl Technologies Inc. (the "Company") is pleased to announce that, subject to final regulatory approval, it
intends to carry out a non-brokered private placement (the "Private Placement") for up to 2,500,000 units (each, a "Unit") at a subscription price of $0.20 per Unit. Each Unit will consist of
one common share (a "Share") and one-half of one non-transferrable common share purchase warrant.
Each whole warrant (a "Warrant") will entitle the holder to purchase one Share at a price of $0.25 for
a period of one year from the date of issue. All securities issued
pursuant to the Private Placement will be subject to a hold period that
expires four months and a day from the closing date in accordance with
the rules and policies of the TSX Venture Exchange ("TSXV") and applicable Canadian securities laws and such other further
restrictions as may apply under foreign securities laws.
The Company is expecting to raise aggregate gross proceeds of up to
$500,000 from the sale of the Units. Upon closing, subject to TSXV
approval, the Company may pay a cash finder's fee to one or more arm's
length parties in accordance with the rules and policies of the TSXV.
The Company intends to use the net proceeds of the Private Placement for
working capital and operating expenses.
About Fireswirl Technologies Inc.
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment solutions
involving a wide base of users through internet or wireless
This news release may contain certain forward-looking statements that
reflect the current views and/or expectations of the Company with
respect to its business and future events. In particular, this news
release contains forward-looking statements relating to the closing of
the private placement, the ability of the Company to raise any funds
pursuant to the private placement and the use of the net proceeds of
the Private Placement. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including, without
limitation, statements regarding the outlook for future operations, the
evaluation of market conditions, and the ability to raise financing.
Investors are cautioned that any such forward-looking statements are
not guarantees and may involve risks and uncertainties, and that actual
results may differ from those in the forward-looking statements as a
result of various factors such as general economic and business
conditions, including changes in economic conditions and misjudgments
in the course of preparing forward-looking statements. These risks, as
well as others, could cause actual results and events to vary
significantly. The Company does not undertake any obligation to release
publicly any revision for updating any voluntary forward-looking
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Fireswirl Technologies Inc.
For further information:
Further information can be found on the company at www.fireswirl.com or contact:
Fireswirl Technologies Inc.
Chief Executive Officer