Calgary, AB, Canada – September 22, 2016 – Acceleware® Ltd. (TSX-V: AXE, “Acceleware” or the “Corporation”), proposes to complete a non-brokered private placement of units (the “Units”) to raise gross proceeds of up to $2,000,000 (the “Private Placement”). Each Unit shall consist of one common share of the Corporation (a “Common Share”) and one-half of one common share purchase warrant of the Corporation (a “Warrant”). Each whole Warrant shall entitle the holder of the Warrant to acquire one common share of the Corporation, at an exercise price of $0.22, for a period of 24 months after the date of issue.
Acceleware may issue up to 18,181,818 Units at a price of $0.11 per Unit. The Common Shares issued in connection with the Private Placement and any common shares of the Corporation issued upon exercise of the Warrants will be subject to a four-month hold period from the date of issue, as prescribed by the TSX Venture Exchange and applicable securities laws. The Private Placement may close in one or more tranches. The closing of the Private Placement is subject to, among other things, receipt of subscription agreements from suitable investors and receipt of TSX Venture Exchange approval.
The Corporation intends to use the proceeds of the Private Placement to continue to develop and field test its innovative radio frequency RF XL heavy oil and oil sands extraction technology, and 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.
For further information:
Tel: +1 (403) 249-9099