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Proceeds to be used for operations expansion and talent acquisition
CALGARY, June 28, 2019 /CNW/ - Renoworks Software Inc. (TSXV:RW) ("Renoworks"), the leading visualizer platform for the home remodeling and construction industry, announces that it has completed its previously announced private placement (the "Private Placement") and raised $750,000 via the issuance of 2,500,000 units (each a "Unit") at a price of $0.30 per Unit. The Private Placement was fully subscribed.
Each Unit is comprised of one common share in the capital of Renoworks (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.40 per Common Share at any time prior to 4:00 p.m. (Mountain Standard Time) on the date that is twenty-four (24) months following the closing date of the Private Placement. The Common Shares and Warrants issued in connection with the Private Placement will be subject to a four (4) month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws.
Pursuant to the Private Placement, Renoworks also issued 156,030 Units to certain arm's length parties as finders' fees in connection with their efforts in locating subscribers for the Private Placement. Renoworks also issued an aggregate of 156,030 broker warrants ("Broker Warrants") to the finders. Each Broker Warrant will be exercisable at an exercise price of $0.40 into one common share for a period of 24 months from the closing date.
Growth trends in the home remodeling and construction industry, and increased integration of digital technologies among building product companies has translated into growing demand for visualization solutions and ancillary services. Renoworks year-over-year strong performance provides strong indication that these trends will continue as more of the industry embraces its solutions.
"Demand for our Design Services has grown in the short few years since its inception," stated Doug Vickerson, CEO of Renoworks. "We are now supporting some of the top building product manufacturers in the world through this group and will continue to do so to better deliver on our corporate vision."
To build upon this momentum, Renoworks will provision the funds raised to support its thriving Design Services Group, as well as expand and extend its reach into current and new industries via Renoworks FastTrack – its all-in-one design and measurement platform for contractors, installers and roofers.
The acquisition of new talent and skilled labour through the use of these funds will better support its current pipeline of projects and allow Renoworks to pursue new opportunities available through its strategic partnership with Geomni, and the new Renoworks FastTrack platform.
Renoworks will also advance its development of machine learning (M.L.)/artificial intelligent (A.I.) technologies, and leadership in business analytics for the industry.
Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new home construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers, offering solutions to one of the home improvement industry's greatest challenges: enabling homeowners to review their product selections in a true-to-life virtual environment before committing to purchases and construction. Renoworks markets its technologies as innovative engagement tools and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack and Renoworks API (Application Programming Interface).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.
For further information: For information on RenoWorks or the Private Placement, please contact: Renoworks Software Inc., 2721 Hopewell Place NE, Calgary, Alberta, Canada T1Y 7J7, Attention: Doug Vickerson, CEO, Phone: 403-296-3880, E-mail: firstname.lastname@example.org; For investor information for Renoworks, please contact: Contact Financial Corp., 810 609 Granville St., Vancouver, BC, Canada V7Y 1G5, CO: RenoWorks Software Inc., Attention: Rob Gamley, Phone: 604-689-7422, Email: email@example.com