RESAAS Services Inc., a cloud-based social business platform for the real estate services industry, is pleased to announce that the company’s previously announced $5,000,000 public offering of units has now been fully subscribed. As described in the company’s press releases dated November 24 and 25, 2015, the offering consists of up to 3,333,333 units at a price of $1.50 per unit on a commercially reasonable efforts agency basis in the provinces of British Columbia, Alberta and Ontario, which offering was qualified in those jurisdictions by a November 25, 2015 prospectus supplement to RESAAS’ short form base shelf prospectus dated June 2, 2015.
Each unit consists of one common share of RESAAS and one share purchase warrant exercisable into one common share at a price of $3.00 per share for a period of 24 months from the closing date of the offering.
The exercise by the agents of the over-allotment option of up to 499,999 additional units at the offering price, for total additional gross proceeds to the company of up to $750,000, has yet to be confirmed. Euro Pacific Canada Inc. is leading the syndicate of agents that also includes Mackie Research Capital Corporation.
RESAAS plans to use the proceeds of the offerings for continued development of its technology platform, expansion of the company’s services in international markets, the hiring of additional employees to support its continued growth and general working capital.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The securities referenced herein 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 in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with one or more exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.