CALGARY, AB, March 21, 2022 /CNW/ - Renoworks Software Inc.
(TSXV: RW) ("Renoworks" or "the Company"), the
leading end-to-end visualization platform for the home remodeling
and new home construction industry, announces that it intends to
complete a private placement (the "Private Placement") to
raise up to $750,000 via the issuance
of up to 1,500,000 units (each a "Unit") at a price of
$0.50 per Unit. 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 Warrant entitles the holder to purchase one
Common Share at a price of $0.60 per
Common Share at any time prior to 4:00 p.m.
(Mountain Standard Time) on the date that is eighteen (18)
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 TSX Venture Exchange and applicable
securities laws. The closing of the Private Placement is subject to
receipt of subscription agreements from suitable investors and
receipt of TSX Venture Exchange approval.
"Renoworks is well positioned to change the way the building
products industry approaches repair and remodel through its
innovative lead generation and qualification platform, and
strategic relationships," said Doug
Vickerson, CEO of Renoworks. "This small financing
provides the Company with the additional capital to deliver on
several key strategic initiatives including new features and
functionality demanded in the platform and potential strategic
partner integrations which are advancing."
The use of proceeds from this placement will be invested in
expanding the company's presence in the market, marketing and
selling new data-infused products and services, continuing to
engage in larger strategic integrations with partner platforms,
talent acquisition, and general corporate activities.
About Renoworks
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 hyper-realistic, virtual environment before
committing to purchases and construction. Renoworks markets its
technologies as an innovative engagement, sales, and marketing
platform and generates revenues from five main business lines:
Renoworks Enterprise, Renoworks PRO, Renoworks Design Services,
Renoworks FastTrack, and Renoworks API (Application Programming
Interface). For more information, visit www.renoworks.com and
www.renoworkspro.com.
Forward-Looking Information
Certain statements in
this news release, other than statements of historical fact, are
forward-looking information that involves various risks and
uncertainties. Such statements relating to, among other things,
Renoworks' intention to complete a private placement of units to
raise up to $750,000, are
forward-looking and are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
There is no assurance that Renoworks will be able to raise
$750,000, or any lesser amount, on
the terms and conditions proposed. Further, there is no
assurance that Renoworks will be able satisfy any conditions to
closing the Private Placement that may arise. These
uncertainties may cause actual results to differ from information
contained herein. There can be no assurance that such statements
will prove to be accurate. Actual results and future events could
differ materially from those anticipated in such statements. These
and all subsequent written and oral forward-looking statements are
based on the estimates and opinions of the management on the dates
they are made and expressly qualified in their entirety by this
notice. Renoworks assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.