VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, is pleased to announce that it has completed its non-brokered private placement of 1,600,000 units ("Units") at $0.2625 per Unit for total gross proceeds of $420,000 (the "Private Placement"), as previously announced on December 6, 2012. Each Unit consisted of one common share and one common share purchase warrant of the Company, exercisable for one additional common share of the Company at a price of $0.42 until December 7, 2017.
The common shares and warrants issued under the Private Placement, together with any common shares issued pursuant to the exercise of the warrants, will be subject to a hold period which expires on April 8, 2013. No finder's fee was paid in connection with the Private Placement. The proceeds from the Private Placement will be used for the Company's working capital and general corporate purposes. The Private Placement is subject to the final approval of the TSX Venture Exchange.
"This private placement is very good news for OneMove as it will allow us to increase our cash reserves to deal with the British Columbia real estate market slowdown and further fund our restructuring and newly implemented national and international expansion plans. This private placement will create shareholder value by allowing the Company to increase our customer base beyond Western Canada and monetize one of the best electronic conveyancing platforms globally. We are already seeing very encouraging results on our new sales and marketing strategy in Alberta and are pleased to have identified investors that were eager to support the continuous success of the Company," said Serge Salager, the Company's CEO.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE:OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance™, its proprietary web-based conveyancing software solution, OneMove™ simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
Forward Looking Statements
This press release contains certain "forward looking statements." These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.