/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWS WIRE SERVICES/
TORONTO, Aug. 9, 2017 /CNW/ - Loudon Owen, Executive Chairman of Posera Ltd. ("Posera" or the "Company"), is pleased to report that Posera has closed the second tranche of a non-brokered private placement of common shares ("Common Shares"). Under the second tranche, the Company issued a total of 3,750,000 Common Shares at a price of $0.12 per Common Share (the "Offering") for gross proceeds of $450,000. No finders fees corresponding with the Offering were payable. The Offering represents the second and final tranche of a fully subscribed non-brokered private placement whereby the Company issued a total of 23,682,426 Common Shares (the "Financing") for gross proceeds of $2,841,891. The first tranche of the Financing closed on August 4, 2017.
The Common Shares issued in connection with the Offering are subject to a 4-month hold period which expires on December 10, 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".
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 ("PATT") application. Posera's Maitre'D™ and FingerPrints™ 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 US Securities Act and applicable state securities laws or an exemption from such registration is available.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business and the environment in which the business operates. These statements include, but are not limited to, the expected size and completion date of the Offering, participation in the Offering by certain insiders, and the use of proceeds from 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 general market conditions as they relate to the Company's Shares, and the matters discussed under "Risks and Uncertainties" in the Annual Information Form filed on March 31st, 2017 with the securities regulatory authorities and available 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, 1.519.434.8017, [email protected], www.posera.com