Vancouver, British Columbia CANADA, July 31, 2012 /FSC/ - RESAAS Services Inc. (RSS - CNSX),("RESAAS") is pleased to announce the completion of its previously announced warrant exercise programme (the "Programme") whereby a total of 2,371,925 common shares were issued for gross proceeds to the company of $1,185,962. Total fees paid for orderly execution under the Programmed amounted to $35,578 (or 3% of gross proceeds raised), leaving net proceeds to RESAAS of $1,150,384.
Also during this time, RESAAS raised net proceeds of $194,137 from the exercise of 388,274 warrants outside of the Programme and $61,400 from the exercise of 245,600 agents warrants. No fees were paid in connection with these exercises.
A grand total of $1,405,921 in net proceeds was raised by RESAAS and 3,005,799 common shares were issued.
"We were very pleased to see that so many of our original shareholders from our initial public offering have chosen to exercise their warrants and invest further into the company. This high level of shareholder interest is an attestation to the fine work and vision of our engineering, sales and management teams," says Cam Shippit, CFO of RESAAS.
RESAAS is also pleased to announce that it intends to apply to inter-list its common shares for trading on a stock exchange in the United States. Any such listing is subject to approval by the applicable stock exchange and meeting all regulatory requirements in the United States.
About RESAAS
RESAAS is an enterprise social network for real estate professionals, mortgage specialists, home buyers and sellers to connect and communicate in real-time. Visit www.resaas.com or on Twitter: @resaas.
On Behalf of the Board
Cameron Shippit
Director, CFO and Secretary, RESAAS Services Inc.
Telephone: (778) 996-9544 Email: cam.shippit@resaas.com
Neither the CNSX nor the Market Regulator (as defined in CNSX Policy 1) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release includes forward-looking information within the meaning of Canadian securities legislation, concerning RESAAS's intention to apply for a listing of its common shares on a U.S. stock exchange. The forward-looking information is based on certain key expectations and assumptions made by RESAAS' management. Any such listing application is subject to applicable stock exchange and regulatory approvals. 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 such information 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.
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Source: RESAAS Services Inc. (CNSX:RSS) http://www.resaas.com
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