Acceleware Ltd. Announces Closing of Non-Brokered Private Placement

CALGARY, Alberta, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Acceleware Ltd. (TSXV:AXE) (“Acceleware” or the “Corporation”) announces that, on August 21, 2023, the Corporation closed the non-brokered private placement of units (the “Units”) that it previously announced on June 6, 2023 (the “Private Placement”). Each Unit consists of one common share of the Corporation (a “Common Share”) and one common share purchase warrant of the Corporation (a “Warrant”). Each Warrant entitles the holder of the Warrant to acquire one Common Share, at an exercise price of $0.30, for a period ending on August 21, 2025. If the Common Shares trade at a closing price at or greater than $0.69 per Common Share for a period of thirty (30) consecutive trading days, Acceleware may accelerate the expiry date of the Warrants by giving notice to the holders thereof, and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by Acceleware. Pursuant to the Private Placement, the Corporation distributed a total of 1,949,036 Units, at a price of $0.23 per Unit, for total gross proceeds of $448,278. There were no finders’ fees or commissions paid in connection with the Private Placement.

The proceeds of the Private Placement will be used to fund a portion of the workover for the commercial-scale RF XL pilot project at Marwayne, Alberta and for general corporate purposes. The Common Shares issued in connection with the Private Placement and any Common Shares issued upon exercise of the Warrants will be subject to a four-month hold period which will expire on December 21, 2023 in accordance with applicable securities legislation.

Insiders of the Corporation purchased a total of 142,114 Units under the Private Placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the Private Placement.