RESAAS Announces Closing of Unit Private Placement Raising Gross Proceeds of Over $2 Million

RESAAS Services Inc. (CSE:RSS, OTCQX:RSASF) (“RESAAS”), a cloud-based social business platform for the real estate services industry, is pleased to announce that the company has closed its previously-announced non-brokered private placement of units (each, a “Unit”) at a price of $0.70 per Unit for aggregate gross proceeds of $2,033,930. Each of the 2,905,614 Units consists of one common share of RESAAS (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder to acquire one Common Share at a price of $0.90 per Common Share until January 25, 2019.
Each of the Common Shares and Warrants underlying the Units is subject to a statutory hold period of four months and one day. In connection with the private placement, RESAAS paid a cash commission to three finders equal to 8% of the gross proceeds raised from the sale of 2,230,900 Units and issued warrants to purchase 8% of that number of Units (each, a “Finder’s Warrant”) to those finders, with each Finder’s Warrant exercisable into one Common Share at a price of $0.90 per Common Share until January 25, 2019.
RESAAS plans to use the proceeds of the private placement for the continued development of its technology platform, investor relations activities, increasing its sales team, general working capital, and research and development in emerging technologies.
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.
About RESAAS Services Inc.
RESAAS is a cloud-based social business platform built for the real estate services industry. RESAAS brings proprietary real-time technology into the business of real estate and transforms how real estate listing data flows between real estate agents, brokers, associations and MLSs. Visit www.resaas.com.
On Behalf of RESAAS
Danielle Sissons
VP Operations
RESAAS Services Inc.
Telephone: (604) 558-2929; Email: danielle.sissons@resaas.com
Investor Relations
Telephone: (604) 558-2929; Email: ir@resaas.com
The CSE has not reviewed, approved or disapproved the content of this press release.
Forward-Looking Information:
This press release and the RESAAS website referenced herein contain forward-looking information within the meaning of Canadian securities legislation, including but not limited to statements regarding the private placement and the use of proceeds thereof. The forward-looking information is based on certain key expectations and assumptions made by RESAAS’ management, including the company’s financial position, business strategy, plans and objectives of management for future operations and other similar statements.
Forward-looking information is subject to risks, uncertainties and other factors, many of which are outside of the company’s control that could cause actual results to differ materially from the results discussed in the forward-looking information. 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 such information because RESAAS can give no assurance that it will prove to be correct. The forward-looking information contained in this press release is 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.