CALGARY, Alberta – September 7, 2017 – Acceleware Ltd. (TSXV: AXE) (“Acceleware”) announces that it is commencing a non-brokered private placement of units of Acceleware, at a price of $0.18 per unit, for gross proceeds of up to $1,250,000 (the “Private Placement”). Each unit is composed of one common share of Acceleware (a “Common Share”) and one-half of one Common Share purchase warrant of Acceleware (a “Warrant”). Each whole Warrant entitles the holder to purchase one additional Common Share, at a price of $0.27 per Common Share, for a period of 24 months following the issuance of the Warrant. Purchasers of the units under the Private Placement will be subject to a four-month hold period in accordance with applicable securities legislation.
Acceleware intends to use the net proceeds of the Private Placement to fund the further development and testing of its RF heating technology, as well as for general corporate purposes.
Acceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware’s professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware’s products and services are used by some of the world’s largest energy and engineering companies.
Acceleware is a public company on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
This press release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that is prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position
The forward-looking information in this press release includes information about the terms and the proposed use of the proceeds of the Private Placement. Acceleware assumes that future macro and micro economic conditions will not require it to use the proceeds of the Private Placement other than for the purposes stated above.
Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.
Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities 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 within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Tel: +1 (403) 249-9099
435 10th Avenue SE
Calgary, AB, T2G 0W3
Tel: +1 (403) 249-9099