1,458,795 common shares issued in connection with the exercise of warrants
CALGARY, AB, June 29, 2021 / CNW / – Renoworks Software Inc. (TSXV: RW) (“Renoworks” or the “Company), the leading end-to-end visualization platform for the construction industry, today announced that it $ 583,518 from the exercise of warrants previously issued as part of its 2019 private placement financing as the company $ 750,000.
The company intends to use the proceeds from the exercise of warrants to further develop its platform and attract talent to further grow sales in 2021 and beyond.
The warrants were issued in connection with the company’s private placement of shares, which was completed in June 2019, and will expire on 4:00 p.m. (mountain standard time) on June 28, 2021. The exercise price of the warrants was $ 0.40 and at the Expiration Date, 98% (1,458,795 of 1,484,045) of the warrants were exercised in exchange for the issuance of 1,458,795 common shares, bringing the total number of Renoworks common shares outstanding upon exercise of the warrants to 38,423,460.
“The additional capital invested in Renoworks through the exercise of warrants has placed Renoworks in the best financial position the company has ever had.” Said Doug Vickerson, CEO of Renoworks. “The proceeds will enable Renoworks to continue our strategy of creating and achieving more value across the construction and remodeling value chain by evolving our platform and accelerating our revenue growth through talent acquisition. Renoworks is growing and becoming the leading end each year -to-end solution at the heart of millions of construction and renovation projects. “
Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the renovation and new construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers, and provides solutions to one of the home improvement industry’s biggest challenges: enabling homeowners to review their product choices in a hyper-realistic, virtual environment before deciding to buy and build. Renoworks markets its technologies as an innovative engagement, sales and marketing platform and generates revenue from five main business areas: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack and Renoworks API (Application Programming Interface). More information is available at www.renoworks.com and www.renoworkspro.com.
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FORWARD LOOKING STATEMENT
Certain statements in this press release that are not historical facts are forward-looking information that involves various risks and uncertainties. Such statements relate, among other things, to the company’s prospects of improving operating results, generating sales or other returns from technology and platform development, exploiting actual or perceived market opportunities or the effects of COVID-19, are inevitably subject to risks and Uncertainties, some of which are substantial in scope and nature. These uncertainties could cause actual results to differ from the information contained herein. There can be no guarantee that such statements will prove to be correct. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management at the time of their publication and are expressly restricted in their entirety by this release. The company assumes no obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change.
The TSX Venture Exchange assumes no responsibility for the adequacy or accuracy of this press release.
SOURCE RenoWorks Software Inc.
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