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 applications.
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 statements.
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.
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