CALGARY, Sept. 7, 2017 /CNW/ - Acceleware Ltd. (TSXV:
AXE) ("Acceleware") announces that it is commencing a
non-brokered private placement of units of Acceleware, at a price
of $0.18 per unit, for gross proceeds
of up to $1,250,000 (the "Private
Placement"). Each unit is composed of one common share of
Acceleware (a "Common Share") and one-half of one Common
Share purchase warrant of Acceleware (a "Warrant"). Each
whole Warrant entitles the holder to purchase one additional Common
Share, at a price of $0.27 per Common
Share, for a period of 24 months following the issuance of the
Warrant. Purchasers of the units under the Private Placement will
be subject to a four-month hold period in accordance with
applicable securities legislation.
Acceleware intends to use the net proceeds of the Private
Placement to fund the further development and testing of its RF
heating technology, as well as for general corporate purposes.
About Acceleware
Acceleware (www.acceleware.com) develops high performance
seismic imaging and modeling software products and provides
innovative technology for radio frequency (RF) heating, an emerging
thermal enhanced oil recovery method. As experts in programming for
multi-core CPUs and massively parallel GPUs, Acceleware's
professional services team specializes in accelerating
computationally intense applications for clients to speed up
product design, analyze data and help make better business
decisions. Acceleware's products and services are used by
some of the world's largest energy and engineering companies.
Acceleware is a public company on Canada's TSX Venture Exchange under the
trading symbol "AXE".
Disclaimers
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
Forward-looking information generally means information about an
issuer's business, capital, or operations that is prospective in
nature, and includes disclosure about the issuer's prospective
financial performance or financial position.
The forward-looking information in this press
release includes information about the terms and the
proposed use of the proceeds of the Private Placement. Acceleware
assumes that future macro and micro economic conditions will not
require it to use the proceeds of the Private Placement other than
for the purposes stated above.
Actual results may vary from the forward-looking information
in this press release due to certain material risk
factors. These risk factors are described in detail in Acceleware's
continuous disclosure documents, which are filed on SEDAR at
www.sedar.com.
Acceleware assumes no obligation to update or revise the
forward-looking information in this press release,
unless it is required to do so under Canadian securities
legislation.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this release 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 "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Acceleware Ltd.