CALGARY, Nov. 22, 2017
/CNW/ - Acceleware Ltd. (TSXV:AXE) (the
"Corporation") announces that the Corporation has exercised
its option to convert all outstanding principal and accrued
interest related to the 10% unsecured convertible debentures (the
"Debentures") that the Corporation issued on December 16, 2016. A total of $1,014,302 ($925,000 of principal and $89,302 of accrued interest) was converted into
units of the Corporation (the "Units") at a conversion price
of $0.15 per Unit. Each Unit consists
of one common share of the Corporation (a "Common Share")
and one-half of one Common Share purchase warrant of the
Corporation (a "Warrant"). Each whole Warrant entitles the
holder of the Warrant to acquire one Common Share, at an exercise
price of $0.30, for a period ending
on December 16, 2018. Pursuant to the
conversion, the Corporation distributed a total of 6,762,014
Units.
"The conversion of these Debentures allows Acceleware to save
considerable interest expense and simplifies our balance sheet,"
said Geoff Clark, Acceleware CEO.
"We remain extremely excited about our investment in Acceleware and
management's execution of their plan," said Chad Robinson, Managing Director of Resource
Merchant Capital (RMC), a significant holder of the Debentures. "As
always, RMC will be taking a long-term approach to the investment,
partnering with Acceleware to meet its growth potential."
About Acceleware
Acceleware (www.acceleware.com)
develops high performance seismic imaging and modeling software
products and provides innovative technology for radio frequency
(RF) heating, an emerging thermal enhanced oil recovery method. As
experts in programming for multi-core CPUs and massively parallel
GPUs, Acceleware's professional services team specializes in
accelerating computationally intense applications for clients to
speed up product design, analyze data and help make better business
decisions. Acceleware's products and services are used by some of
the world's largest energy and engineering companies.
Disclaimers
Neither the 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.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this release in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Acceleware Ltd.
