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Acceleware Ltd. Announces Closing of Non-Brokered Private Placement
Acceleware Ltd. Announces Closing of Non-Brokered Private Placement Canada NewsWir...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Ltd. Announces Closing of Non-Brokered Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Sept. 26, 2017\n\n\n\nCALGARY, 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.\n\nThe 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.\n\nInsiders 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.\n\nAbout Acceleware\n\nAcceleware (www.acceleware....