RESAAS Announces Close of $555,999 Private Placement (Second Tranche)
This news release is not an offer of the securities for sale in the United States. The securities being offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.
Vancouver, British Columbia CANADA, August 28, 2013 /FSC/ - RESAAS Services Inc. (RSS - CNSX), (the "RESAAS") announces the closing on August 28, 2013 of the second tranche of a non-brokered private placement (the "Private Placement") that raised gross proceeds of CAD$555,999 through the sale of an aggregate of 505,454 units (the "Units") sold at the offering price of $1.10 per Unit. Each Unit consists of one common share of RESAAS and one-half of a share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to acquire one additional common share of RESAAS at an exercise price of $1.50 per share for a period of 18 months after the date of issuance of the Warrant. The Private Placement was previously announced by RESAAS in a news release dated June 25, 2013.
Also with respect to the Private Placement, finder's fees were paid to certain finders, being 10% of the gross amount of Units sold to investors in the Private Placement, payable in finder's warrants with each finder's warrant entitling the holder to acquire one common share of RESAAS at an exercise price of $1.10 per common share for a period of 18 months after the date of issuance of the finder's warrant, and 8% of the gross proceeds raised from the Private Placement, payable in cash. A total of 38,545 finder's warrants have been issued and $33,920 has been paid to date in respect of finder's fees pursuant to the Private Placement.
The amount of $1,375,059 in total gross proceeds was received from the first and second tranches.
RESAAS intends to use the proceeds from the issuance of these securities primarily for expansion of the RESAAS platform into Europe.
All of the securities issued pursuant to the Private Placement are subject to a four month hold period.
About RESAAS SERVICES INC.
RESAAS, The Real Estate Social Network(tm), is designed specifically for the real estate professional to connect and communicate in real-time. Known as real estate broadcasts, RESAAS' powerful reblasts(r) engine automatically generates all of your real estate workflow into invaluable social content that is instantly pushed out to the RESAAS platform and other social networks. Visit www.resaas.com.
On Behalf of RESAAS
Cam Shippit
CFO, Director
RESAAS Services Inc.
Telephone: (604) 558-2929; Email: cam.shippit@resaas.com
Investor Relations
Scott Young
RESAAS Services Inc.
Telephone: (705) 888-2756; Email: scott.young@resaas.com
The CNSX has not reviewed, nor approved or disapproved the content of this press release.
Forward-Looking Information:
This press release and the company's website referenced herein may include forward-looking information within the meaning of Canadian securities legislation, concerning the company's proposed use of funds generated by its recent private placement and its technology platform. Forward-looking information is based on certain key expectations and assumptions made by RESAAS' management, including future plans for the completion of the proposed use of funds generated by its recent private placement, as well as the design and development of the company's technology platform. Although RESAAS believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because RESAAS can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. RESAAS disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/resaas08282013.pdf
Source: RESAAS Services Inc. (CNSX: RSS) http://www.resaas.com
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