CALGARY, Sept. 26, 2017 /CNW/ - Acceleware
Ltd. (TSXV:AXE) (the "Corporation") announces that, on
September 26, 2017, the Corporation
closed the non-brokered private placement of units (the
"Units") that it previously announced on September 7, 2017 (the "Private
Placement"). Each Unit consists of one common share of the
Corporation (a "Common Share") and one-half of one common
share purchase warrant of the Corporation (a "Warrant").
Each whole Warrant entitles the holder of the Warrant to acquire
one common share of the Corporation, at an exercise price of
$0.27, for a period ending on
September 26, 2019. Pursuant to the
Private Placement, the Corporation distributed a total of 4,651,066
Units, at a price of $0.18 per Unit,
for total proceeds of $837,191.88.
The net proceeds of the Private Placement will be used to to
further develop and test Acceleware's innovative radio frequency RF
XL heavy oil and oil sands extraction technology, and for general
Corporate purposes. The Common Shares issued in connection with the
Private Placement and any common shares of the Corporation issued
upon exercise of the Warrants will be subject to a four-month hold
period which will expire on January 27,
2018 in accordance with applicable securities
legislation.
Insiders of the Corporation purchased a total of 700,000 Units
under the Private Placement, which is considered a related party
transaction within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Corporation relied on
the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a),
respectively, of MI 61-101 in respect of such insider
participation. No new insiders and no control persons were created
in connection with the Private Placement.
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.
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 use of the
proceeds of the Private Placement. The Corporation 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 the
Corporation's continuous disclosure documents, which are filed on
SEDAR at www.sedar.com.
The Corporation 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.
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.
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.
SOURCE Acceleware Ltd.