OTTAWA,
March 12, 2014 /CNW/ - ProntoForms
Corporation (TSXV: PFM), a leading mobile form business process
solution for enterprises and SMBs, today announced that it has
issued a total of 3,333,333 common shares and 1,666,666 common
share purchase warrants for gross proceeds of $1,000,000 through a non-brokered private
placement.
This private placement involved the sale of
units (each a "Unit"), each comprised of one common share
and one half common share purchase warrant, for a unit price of
$0.30. Each whole warrant
entitles the holder to acquire one common share of ProntoForms at
an additional purchase price of $0.45
per share for eighteen months from closing.
In connection with the placement ProntoForms
also paid a total of $70,000 in cash
and issued a total of 233,333 warrants to agents as commission for
their efforts. Each agent warrant entitles the holder to
acquire one Unit at a purchase price of $0.45 for eighteen months from closing.
The financing included participation by insiders
of ProntoForms for Units representing less than 10% of the Units
issued in the offering.
The net proceeds of the proposed offering will
be used to fund general corporate purposes.
The securities issued under this private
placement are and will be subject to restrictions on transfer,
including a hold period ending four months after issuance. The
private placement remains subject to TSX Venture Exchange
approval. This news release does not constitute an offer to
sell or a solicitation of an offer to buy any securities.
For more on the ProntoForms mobile form
solution, visit http://prontoforms.com.
About ProntoForms Corporation
ProntoForms is a mobile workflow solution used
by over 2,500 business customers to collect, receive and submit
data in the field. Available for smartphones and tablets, the
ProntoForms solution incorporates a mobile device App, a Web
management portal to manage teams and data flow, and provides the
ability to export or connect data to the back office or to popular
cloud services. ProntoForms is the Frost & Sullivan winner of
the North American Customer Value Leadership Award for Mobile
Forms.
ProntoForms Corporation, formerly TrueContext
Mobile Solutions Corporation, has a powerful and proprietary patent
portfolio, from which the ProntoForms mobile App and Web reporting
portal havebeen developed. 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.
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