/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
OTTAWA, May 30, 2017 /CNW/ - ProntoForms Corporation
(TSX.V:PFM) ("ProntoForms" or the "Company") is
pleased to announce that it has entered into an agreement with
Beacon Securities Limited and PI Financial Corp. (collectively the
"Co-Lead Underwriters"), on their own behalf and on behalf
of a syndicate of underwriters (together with the Co-Lead
Underwriters, the "Underwriters"), pursuant to which the
Underwriters have agreed to purchase on a "bought deal" private
placement basis 11,900,000 units (the "Units") of the
Company at a price of $0.38 per Unit
(the "Offering Price") for aggregate gross proceeds to the
Company of $4,522,000 (the
"Offering").
Each Unit shall consist of one common share (a "Common
Share") in the capital of the Company and one half of one
common share purchase warrant (each whole warrant, a
"Warrant") of the Company. Each whole Warrant shall entitle
the holder thereof to acquire one Common Share at an exercise price
per Common Share of $0.48 for a
period of 24 months from the Closing Date (as defined below).
The Company has granted the Underwriters an option (the
"Underwriters' Option") to purchase up to an additional
1,980,000 Units at the Offering Price, exercisable in whole or in
part, by way of written notice to the Company at any time up to 48
hours prior to the Closing Date. In the event the Underwriters'
Option is exercised in full, the aggregate gross proceeds to the
Company under the Offering will be $5,274,400.
The Company plans to use the net proceeds from the Offering for
working capital and general corporate purposes. The Offering is
expected to close on or about June 21,
2017 (the "Closing Date") and is subject to certain
conditions including, but not limited to, the receipt of applicable
regulatory approvals, including approval of the TSX Venture
Exchange ("TSXV"), as well as the satisfaction of other
customary closing conditions. The Units will be sold in all of the
provinces of Canada on a private
placement basis pursuant to an "accredited investor" exemption or
other available and agreed upon exemptions from prospectus
requirements. The Units, including all underlying securities
thereof, will have a hold period of four months and one day from
the Closing Date.
This news release does not constitute an offer of securities for
sale in the United States. The
securities being offered have not been, nor will be, registered
under the United States Securities Act of 1933, as amended, and
such securities may not be offered or sold within the United States absent U.S. registration or
an applicable exemption from U.S. registration requirements.
About ProntoForms
ProntoForms is a global leader in automating mobile workflows.
The Company's platform is used to collect and analyze field data
with smartphones and tablets, and offers a low total cost of
ownership. The Company's 3,500 customers harness the intuitive,
secure and scalable solution to increase productivity, improve
quality of service, and mitigate risks. ProntoForms has received a
number of prominent industry awards, including the 2016 Deloitte
Technology Fast 50, the 2016 CIX Public Top 20, the Ottawa Chamber of Commerce 2016 Employees'
Choice Award and 2016 Best Ottawa Business Award, and the 2015
Frost & Sullivan Competitive Strategy Innovation and Leadership
Award for the Mobile Forms Industry.
The Company trades on the TSXV under the symbol PFM. ProntoForms
is the registered trademark of ProntoForms Inc., a wholly owned
subsidiary of ProntoForms Corporation.
Certain information in this press release may constitute
forward-looking information within the meaning of applicable
Canadian securities legislation. For example, statements about the
timing and completion of the Offering, the receipt of required
regulatory approvals for the Offering, the expected use of proceeds
from the Offering and the Company's future growth or value are
forward-looking information. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward looking
statements. The Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements unless and until required by securities laws applicable
to the Company.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE ProntoForms Corporation
