VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2011) - RESAAS SERVICES INC. ("RESAAS") (CNSX:RSS) announces a change to its previously announced non-brokered private placement offering (see RESAAS' news release dated February 23, 2011). RESAAS has increased the offering to raise gross proceeds of up to $2 million by issuing up to 1,481,482 units at a purchase price of $1.35 per unit. Each unit will consist of one common share of RESAAS and one-half of a share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share of RESAAS at an exercise price of $1.85 per share for a period of 18 months from the closing date of the offering. The offering is expected to close on or about March 7, 2011.
All of the securities issued pursuant to the private placement will be subject to a four month hold period.
As previously announced, RESAAS may pay a finder's fee payable in warrants exercisable at $1.85 per share equal to 10% of the gross amount of units sold to investors, as well as a commission of up to 8% of the gross proceeds raised from investors.
About RESAAS SERVICES INC.
RESAAS is a technology company engaged in the design, development and commercialization of an enterprise platform of technologies to service the real estate industry, including realtors and property hunters. The technology platform will be aimed at creating a selling community of realtors, each with their own personalized profile page allowing the realtor to create and update property listings real-time, and access the property listings of other realtors in the realtor's selling community. Realtors will also be provided with back-office capabilities including a document management system, contact list database, and the ability to manage property listings. These features will be accessible to realtors remotely from a mobile handheld device such as a smart phone. To service property hunters, RESAAS' technology platform will include a property search engine accessible online.
On Behalf of the Board
Cory Brandolini, President & CEO, RESAAS Services Inc.
This press release includes forward-looking information within the meaning of Canadian securities legislation, concerning the expected functionality of RESAAS's technology platform following its launch. The forward-looking information is based on certain key expectations and assumptions made by RESAAS' management, including finalizing the design and development of the technology platform. Although RESAAS believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because RESAAS can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and RESAAS disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release is not an offer of the securities for sale in the United States. The securities being offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.The CNSX has not reviewed, nor approved or disapproved the content of this press release.
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