(MENAFN- ProactiveInvestors - N.America) RESAAS Services Inc. (CNSX:RSS), the real estate tech company, has closed a non-brokered private placement of 2,225,000 units at a price of $1.70 per unit for aggregate gross proceeds of $3,782,500.
Cypress Capital Management Ltd. provided the lead order for the private placement, subscribing for 1,935,000 units. Each unit consists of one common share of RESAAS and one-half of one common share purchase warrant, with each whole warrant exercisable into one share at a price of $2.50 per share for a period of two years from the date of issuance.
Each of the shares and warrants underlying the units is subject to a statutory hold period expiring four months and one day after the applicable closing. In connection with the private placement, Resaas paid a cash commission to one finder equal to 5 per cent of the gross proceeds raised from the sale of 290,000 units, or $24,650.
RESAAS plans to use the proceeds of the private placement for continued development of its technology platform, expansion of the company's services in international markets, the hiring of additional employees to support its continued growth and general working capital.
RESAAS shares were up 5.3% at C$2.00 on Monday.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.