Fireswirl Completes Private Placement
April 29, 2011 - Vancouver, British Columbia - Fireswirl Technologies Inc. (TSXV:FSW).
"the Company", is pleased to announce that it has completed its previously announced private placement (the "Private Placement") for 6,100,000 units (each, a "Unit") at a price of $0.13 per Unit, which closed on April 28, 2011. Each Unit consisted of one common share (a "Share") and one-half of a share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Share at a price of $0.19 for a period of one year from the date of issue. The Company raised aggregate gross proceeds of approximately $790,000 from the sale of the Units. All securities issued with respect to the Private Placement are subject to a hold period that expires four months and a day from the closing date in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
In connection with the Private Placement, the Company paid a cash commission equal to 7% of the gross proceeds derived from the sale of Units placed by each of Mackie Research Capital Corporation ("Mackie") and Raymond James Ltd. In addition, the Company issued to Mackie that number of compensation warrants representing 5% of the number of Units placed by Mackie.
The Company intends to use the net proceeds of the Private Placement for working capital and operating expenses.
Contact: Tony Lau
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.
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.