VANCOUVER, June 7, 2017 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW) ("Fireswirl" or the "Company") announced today that it intends to conduct a non-brokered private placement of up to 15,000,000 units of the Company (the "Units") at a subscription price of $0.05 per Unit (the "Private Placement"). Each Unit will consist of one common share of the Company (each, a "Common Share") and one-half of one non-transferable Common Share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to purchase one Common Share at a price of $0.10 for a period of one year from the date of issue.
Fireswirl expects to raise aggregate proceeds of up to $750,000 from the sale of the Units. The Company intends to use the net proceeds of the Private Placement for working capital.
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 (the "TSXV") and applicable Canadian securities laws. Completion of the Private Placement is subject to TSXV approval.
Stock Options Grant
Fireswirl also announced today the grant, in the aggregate, of 1,300,000 options to purchase Common Shares, exercisable on or before June 7, 2022, with an exercise price of $0.05 per Common Share, to certain directors, officers and employees of the Company, pursuant to Fireswirl's stock option plan. The granting of such options is subject to TSXV approval.
Fireswirl Technologies Inc. (TSXV: FSW) is in the business of providing multimedia and interactive marketing solutions, specializing in 3D visualizations, computer graphics and digital design. It has also developed and deployed augmented reality ("AR") and virtual reality ("VR") applications for customers in the property and sports segments. In the property segment, VR and AR applications are mainly deployed for sales and promotional use. In the sports segment, Fireswirl has developed its owned branded VX System, which integrates seamlessly with its VR technology and indoor cycling applications.
This news release contains certain forward-looking statements that reflect the current views, beliefs, assumptions and expectations of Fireswirl with respect to its performance, business and future events. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include: 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. Although the Company considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Although Fireswirl has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Fireswirl does not undertake any obligations to update any forward-looking statements, except in accordance with applicable securities laws.
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: Ji Yoon, Interim Chief Financial Officer and Chairman, Telephone: 604.540.8805, Fax: 604.677.6613, Email: [email protected], Website: www.fireswirl.com