pcNewsWire – Fireswirl Technologies Inc. (TSX-V: FSW) intends to conduct a non-brokered private placement of up to 15,000,000 units at $0.05 per unit for gross proceeds of up to $750,000.
Fireswirl Technologies intends to use the net proceeds for working capital.
FIRESWIRL ANNOUNCES PRIVATE PLACEMENT
Vancouver, British Columbia, June 7, 2017 – 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.
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.
For further information: Ji Yoon, Interim Chief Financial Officer and Chairman, Telephone: 604.540.8805, Fax: 604.677.6613, Email: email@example.com, Website: www.fireswirl.com
For further information, please contact:
Interim Chief Financial Officer and Chairman
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.