RESAAS Announces Completion of Financing
- On March 21, 2012
RESAAS is pleased to announce that it has completed its previously announced short form prospectus offering (the “Offering”) with Haywood Securities Inc. (the “Agent”) acting as agent. Pursuant to the Offering, RESAAS issued an aggregate of 1,150,000 units (“Units”), including an over-allotment option of 150,000 Units, for gross proceeds of $1,725,000. Each Unit consists of one common share of RESAAS and one-half of a share purchase warrant. Each whole warrant (a “Warrant”) entitles the holder to acquire one additional common share of RESAAS at an exercise price of $2.25 per share for a period of 18 months after closing of the Offering.
In consideration for acting as the Agent for the Offering, the Agent received a cash commission equal to 8% of the Proceeds, agent’s warrants to purchase up to 115,000 Common Shares (the “Agent’s Warrant Shares”) at a price of $1.50 per Agent’s Warrant Share for a period of 12 months after closing of the Offering and a corporate finance fee of 40,000 corporate finance warrants with the same terms and conditions as the agent’s warrants.
The net proceeds of the Offering will be used to launch RESAAS’s technology platform, market its products and services to realtors, mortgage specialists, property searchers and home buyers and sellers, and for general working capital and corporate purposes.