VANCOUVER, June 7, 2017 /CNW/ - Fireswirl Technologies
Inc. (TSXV: FSW) ("Fireswirl" or the "Company")
announced today that it intends to conduct a non-brokered private
placement of up to 15,000,000 units of the Company (the
"Units") at a subscription price of $0.05 per Unit (the "Private Placement").
Each Unit will consist of one common share of the Company (each, a
"Common Share") and one-half of one non-transferable Common
Share purchase warrant. Each whole warrant (a "Warrant")
will entitle the holder to purchase one Common Share at a price of
$0.10 for a period of one year from
the date of issue.
Fireswirl expects to raise aggregate proceeds of up to
$750,000 from the sale of the Units.
The Company intends to use the net proceeds of the Private
Placement for working capital.
All securities issued pursuant to the Private Placement will be
subject to a hold period that expires four months and a day from
the closing date in accordance with the rules and policies of the
TSX Venture Exchange (the "TSXV") and applicable Canadian
securities laws. Completion of the Private Placement is subject to
TSXV approval.
Stock Options Grant
Fireswirl also announced today the grant, in the aggregate, of
1,300,000 options to purchase Common Shares, exercisable on or
before June 7, 2022, with an exercise
price of $0.05 per Common Share, to
certain directors, officers and employees of the Company, pursuant
to Fireswirl's stock option plan. The granting of such options is
subject to TSXV approval.
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is in the business of
providing multimedia and interactive marketing solutions,
specializing in 3D visualizations, computer graphics and digital
design. It has also developed and deployed augmented reality
("AR") and virtual reality ("VR") applications for
customers in the property and sports segments. In the property
segment, VR and AR applications are mainly deployed for sales and
promotional use. In the sports segment, Fireswirl has developed its
owned branded VX System, which integrates seamlessly with its VR
technology and indoor cycling applications.
This news release contains certain forward-looking statements
that reflect the current views, beliefs, assumptions and
expectations of Fireswirl with respect to its performance, business
and future events. Such forward-looking statements are subject to a
number of risks, assumptions and uncertainties that could cause the
Company's actual results to differ materially from those projected
in such forward-looking statements. In particular, factors that
could cause actual results to differ materially from those in
forward-looking statements include: statements relating to the
closing of the Private Placement, the ability of the Company to
raise any funds pursuant to the Private Placement and the use of
the net proceeds of the Private Placement. Although the Company
considers these beliefs and assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. Although Fireswirl has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking statements, there may be
other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Fireswirl does not undertake any
obligations to update any forward-looking statements, except in
accordance with applicable securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Fireswirl Technologies Inc.