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.