VANCOUVER, May 4 /CNW/ - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX.V:OM) is pleased to announce that on May 4, 2007, it closed the brokered private placement announced April 11, 2007 to raise gross proceeds of $7,999,920. The Company, through Cormark Securities Inc. (formerly Sprott Securities Inc.) and Canaccord Capital Corporation as agents, sold 22,222,000 shares at a price of $0.36 per share.
All of the securities issued under the private placement are subject to hold period of four months expiring on September 5, 2007.
Completion of the private placement was subject to the Company completing the acquisition of the remaining 27.5% interest in the Company's UK subsidiary, One Move Limited. The Company completed this acquisition on May 3, 2007 and One Move Limited is now a 100% owned subsidiary of the Company.
The net proceeds from the private placement will be used for working capital required to expedite UK sales and for general corporate purposes including the purchase of capital assets, continuing research and development and repayment of debt.
In connection with the private placement, the Company paid the agents a cash commission equal to 7% of the gross proceeds raised of the private placement. The agents also received share purchase warrants to purchase up to 1,555,540 common shares of the Company (equal to 10% of the total units sold by the agents), exercisable at a price of $0.36 per common share until May 4, 2009.
About OneMove Technologies. www.onemovetech.com
OneMove began its business by developing a sophisticated software program that brought innovative advantages for all involved in British Columbia's real estate market, a Canadian province where real estate transactions were already near perfectly executed. OneMove then entered the market in the United Kingdom offering 'one-stop shop' services designed to simplify all aspects of buying and selling a home. OneMove currently operates in the British Columbia and U.K. markets. OneMove facilitates efficient communication between parties such as lawyers, conveyancers, realtors, lenders, buyers and sellers. OneMove's U.K. operations also offers a one-stop online shop for home buyers to access real estate listings through the largest property search portal, its unique insurance product, and its association of service providers which include realtors, solicitors and lenders (www.onemove.com).
Forward Looking Statements:
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
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