VANCOUVER, Jan. 6, 2014 /CNW/ - Fireswirl Technologies Inc. (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") for 3,400,000 units (each, a "Unit") at a price of $0.20 per Unit. Each Unit consisted of one common share (a "Share") and one-half of one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Share at a price of $0.25 for a period of one year from the date of issue. The Company raised aggregate gross proceeds of $680,000 from the sale of the Units.
In connection with the Private Placement, the Company paid a 7% cash commission to certain finders, including Mackie Research Capital Corporation, Raymond James Ltd., and Canaccord Genuity Corp., based on the gross proceeds derived from the sale of Units to investors introduced by each finder. All securities issued with respect to the Private Placement are subject to a statutory four month hold period expiring on May 7, 2014.
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 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, risks relating to the receipt of final approval from stock exchange authorities, that proceeds may be used for other business purposes as determined by the board of directors, the outlook for future operations, the evaluation of market conditions, and the ability to raise additional financing, as necessary. Investors are cautioned that actual results may differ from those in the forward-looking statements as a result of various factors, such as changes in general economic and business conditions. 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, unless required by applicable securities law.
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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Fireswirl Technologies Inc.