RESAAS Announces the Fully Subscribed Closing of Its Non-Brokered Private Placement
Friday, May 31, 2019 12:00 PM
VANCOUVER, BC / ACCESSWIRE / May 31, 2019 / RESAAS Services Inc. (TSX-V:RSS, OTCQB: RSASF, "RESAAS"), a cloud-based technology platform for the real estate industry, is pleased to announce that its previously disclosed non-brokered private placement (the "Private Placement") has been Fully Subscribed for and has closed for aggregate gross proceeds to RESAAS of $1,000,000.
The Private Placement involved the sale of 4,000,000 units (the "Units") at a price of $0.25 per Unit. Each Unit consists of one RESAAS common share and one-half common share purchase warrant exercisable at $0.30 until May 31, 2020. The Private Placement is subject to final approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement are subject to a four month hold period in accordance with applicable Canadian securities laws.
The Company shall pay eligible finders cash commissions in the amount of $22,800, consisting of up to 8% of the aggregate proceeds from the sale of units to purchasers introduced by the finders.
The proceeds of the Private Placement will be used to accelerate growth marketing of RESAAS' core technology solution into strategic markets, and for general working capital purposes.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account of benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About RESAAS Services Inc.
RESAAS is a cloud-based and blockchain technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis.
Visit www.resaas.com for more information.
For more information contact:
Tom Rossiter, CEO
RESAAS Services Inc.
Telephone: (604) 558-2929; Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release and the RESAAS website referenced herein contain "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements"). Forward-looking statements include statements that use forward-looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RESAAS to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. In this press release, forward-looking statements include, but are not limited to the expected use of the proceeds raised from the Private Placement.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances as of the date of this press release, including, without limitation, assumptions about: RESAAS' use of the proceeds raised from the Private Placement.
While RESAAS considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Many assumptions are based on factors and events that are not within RESAAS' control, and there is no assurance they will prove to be correct. Furthermore, such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: that the proceeds raised from the Private Placement will be insufficient to allow RESAAS to continue its business operations in the ordinary course, or at all; that RESAAS may not use the proceeds raised from the Private Placement as currently anticipated; RESAAS' inability to retain and attract users of its services; RESAAS' inability to generate sufficient revenues from the commercialization of its platform to fund operations and become profitable; RESAAS' inability to build a user base for its services and adequately develop its technology; RESAAS' inability to obtain additional financing to meet long-term needs; RESAAS' inability to effectively manage its growth; RESAAS' inability to protect its intellectual property and other proprietary information technology; RESAAS' inability to raise any necessary additional capital on reasonable terms to advance the continued growth and development of RESAAS' technology; RESAAS' dependence on key personnel; the existence of instability in financial markets; the unfavourability of equity and debt capital markets, a decline in the popularity of current social media models; a decline in or changes to the real estate industry; the pace and degree of technological change and claims; and lawsuits and other legal proceedings and challenges against RESAAS. There can be no assurance that any forward-looking 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. RESAAS does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
SOURCE: RESAAS Services Inc.