Agreement with the lead agent, Leede Jones Gable Inc. (the “Agent”), to complete a brokered private placement of units, on a commercially reasonable efforts basis, for gross proceeds to the Company of a maximum of $1,500,000.
MONTREAL, March 28, 2018 (GLOBE NEWSWIRE) — ATW Tech (“AtmanCo” or the “Company”) (TSX-V:ATW) is proud to announce that it has entered into an agreement with the lead agent, Leede Jones Gable Inc. (the “Agent”), to complete a brokered private placement of units, on a commercially reasonable efforts basis, for gross proceeds to the Company of a maximum of $1,500,000 (12,500,000 units at a price of $0.12 per unit). Each unit consists of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant giving the holder the right to subscribe for one Common Share at a price of $0.15 for a period of 36 months following the closing date. The gross proceeds will be used to support the Company’s development and general working capital purposes. The private placement is scheduled to close on or about April 18, 2018.
The Company also closed today a non-brokered private placement consisting of the issuance of 1,400,000 units at a price of $0.12 per unit, for total gross proceeds of $168,000. Each unit consists of one Common Share and one Common Share purchase warrant giving the holder the right to subscribe for one Common Share at a price of $0.15 for a period of 36 months.
The securities issued under this private placement are subject to a four-month hold period. This private placement remains subject to the final approval of the TSX Venture Exchange.
Additional information regarding the Company is available on SEDAR www.sedar.com. The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.
Forward Looking Statements Disclaimer
Certain statements in this press release may be forward-looking. Such statements include those with respect to the Agent’s engagement as lead agent, the Company’s ability to raise funds under the private placement and the use of the proceeds raised thereunder. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) ATW Tech and the Agent will be able to successfully negotiate a mutually satisfactory agency agreement, (ii) ATW Tech will be successful in its efforts to pursue activities referred to in this news release, (iii) the Agent will fulfill its contractual obligations to complete the portion of the private placement for which it was retained on a “best-efforts” basis, (iv) the Agent will be successful in its efforts to identify and secure subscribers under the private placement, (v) the subscribers under the private placement will complete the subscriptions they have agreed to make under their subscription agreements and (vi) ATW Tech’s management will not identify and pursue other business objectives using the proceeds of the private placement. Factors that could cause actual results to differ materially from expectations include (i) the inability or unwillingness of the subscribers under the private placement or of the Agent to fulfill its contractual obligations, in whole or in part, (ii) the Company’s and the Agent’s failure to negotiate a mutually satisfactory agency agreement (iii) the Company’s failure to make effective use of the proceeds of the private placement, (iv) the failure of the Company’s business, for technical, logistical, labor-relations or other reasons, (v) the Company’s inability to obtain the necessary regulatory approvals for the private placement, (vi) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis and (vii) generally, the Company’s inability to develop and implement a successful business plan for any reason. A description of other risks affecting ATW Tech’s business and activities appears under the heading “Risks and Uncertainties” on pages 10 to 12 of ATW Tech’s 2016 annual management’s discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that ATW Tech will derive therefrom. In particular, no assurance can be given as to the future financial performance of ATW Tech. ATW Tech disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event, except as required under applicable law. The reader is warned against undue reliance on these forward-looking statements.
ABOUT ATW TECH
ATW Tech (‘AtmanCo’) (TSX-V:ATW) is a leader in information technology, owner of several web platforms including VoxTel, Québec Rencontres, VuduMobile, Atman and Bloomed. VoxTel offers various interactive communication and landline and mobile carrier billing phone solutions. Quebec Rencontres is a web and mobile social network application catered to building serious and sustainable relationships. VuduMobile is specialized in the text messaging business for enterprises through its unique, user-friendly and bilingual test messaging application et turnkey solution allowing management of text message management programs in all kind of businesses. Atman and its APIs enable companies to optimize their human capital. Bloomed is a cloud-based platform to manage data (smart data) on consumers and their behaviors, which is developed for marketing agencies and their campaigns for the consumer and corporate markets.