NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
OTTAWA, ON --(Marketwired - June 21, 2017) - ProntoForms Corporation (
Concurrent with the Offering, the Company also completed the non-brokered private placement (the "Concurrent Private Placement") announced on June 5, 2017, selling 1,315,780 Units at the Offering Price for additional aggregate gross proceeds to the Company of approximately $500,000.
Each Unit consists of one common share (a "Common Share") in the capital of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price per Common Share of $0.48 for a period of 24 months from the closing of the Offering.
In connection with the Offering, the Underwriters received an aggregate cash fee equal to $309,579.35. The Company also issued 814,682 compensation options (the "Compensation Options") to the Underwriters each entitling the holder thereof to purchase one Common Share at the Offering Price for a period of 12 months from the closing of the Offering.
The Company plans to use the net proceeds from the Offering and Concurrent Private Placement for working capital and general corporate purposes.
The Units and the Compensation Options, including all underlying securities thereof, are subject to a hold period of four months and one day from their date of issuance under applicable Canadian securities laws.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
ProntoForms is a global leader in automating mobile workflows. The Company's platform is used to collect and analyze field data with smartphones and tablets, and offers a low total cost of ownership. The Company's 3,500 customers harness the intuitive, secure and scalable solution to increase productivity, improve quality of service, and mitigate risks. ProntoForms has received a number of prominent industry awards, including the 2016 Deloitte Technology Fast 50, the 2016 CIX Public Top 20, the Ottawa Chamber of Commerce 2016 Employees' Choice Award and 2016 Best Ottawa Business Award, and the 2015 Frost & Sullivan Competitive Strategy Innovation and Leadership Award for the Mobile Forms Industry.
The Company trades on the TSX Venture Exchange under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
Certain information in this press release may constitute forward-looking information within the meaning of applicable Canadian securities legislation. For example, statements about the Company's anticipated use of proceeds from the Offering and Concurrent Private Placement are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward looking statements. Circumstances may warrant that the Company use the proceeds from the Offering and Concurrent Private Placement for different purposes than stated above. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company
Neither 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.