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OneMove(TM) Announces Closing of Non-Brokered Private Placement & New Members on the Board of Directors(April 02, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/02/12 -- OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), provider of the leading web-based real estate transaction platform and creator of the largest and fastest growing online community of conveyancing professionals, is pleased to announce that the Private Placement previously announced on February 29, 2012, is now closed for total gross proceeds of $1,146,000 CDN raised via a non-brokered private placement priced at $0.05 per unit. Each unit consists of one common share and one common share purchase warrant, exercisable at a price of $0.10 per share for the first year, $0.12 per share for the second year and $0.15 per share for the third year. The proceeds from the private placement will be used for general corporate purposes.
The private placement is subject to regulatory approval. The common shares and warrants issued through the private placement will be subject to a four-month hold period from the date of closing, as per the policies of the TSX Venture Exchange and applicable securities legislation. There is a Finder's Fee payable to Integrated Wealth Services of Toronto, Ontario, of 5% of gross cash proceeds and 10% equity in the private placement units for $1,000,000 gross proceeds invested. That amount is $50,000 plus 2,000,000 shares and 2,000,000 warrants in the private placement.
Prior to the private placement, 84,115,110 shares were issued and outstanding. Upon approval of the financing a total of 24,920,000 shares and 24,920,000 warrants will be issued which includes the equity portion of the Finder's Fee. Total shares outstanding issued will be 109,035,110.
There are 3 subscribers of the private placement of which 2 are insiders. Stuart Bonner, a Member of the Board of Directors, has purchased 1,300,000 units for $65,000. Plantro Ltd., a company based in Nassau, Bahamas, has purchased 20,000,000 units for $1,000,000 and will be represented on the Board of Directors by Mr. Matthew Proud and Mr. Paul Henri Schelfhout.
Mr. Matthew Proud is an entrepreneur who independently manages and invests a large portfolio of global securities which include active positions in the public markets and capital for investment ventures. He is a Canadian who was educated at Cambridge and has been called to the Bar of England and Wales by the Inner Temple. Mr. Proud is currently one of the largest shareholders of OneMove, is excited about the global potential of the technology and committed to its continued growth and development.
Mr. Paul Henri Schelfhout is a multilingual business man who is the Owner and Senior Consultant at PHS Consulting and Chairman of the Board at 2Hout SGPS S. A. Mr. Schelfhout brings extensive experience in corporate restructuring that focus corporations on international expansion and specializes in joint venture projects aimed at achieving growth and profitability for underperforming companies which have high potential. He is solution driven, extremely experienced in negotiation, problem solving, restructuring, cost optimization, logistics, market feasibility studies, team assembly, marketing-advertising, and crisis management. He is a diplomat, fluent in English, German and Portuguese, as well as conversational in French, Italian, and Spanish. Most recently, Mr. Schelfhout concluded an 18 month project with Media-Saturn, which is part of the Metro Group.
Interim-CEO, Mr. Parminder Virk, stated, "I am very pleased and eagerly look forward to working with Messrs. Schelfhout and Proud as we ramp up heading into our busy season in calendar 2012. Their expertise and capital backing, comes at a critical juncture as we pursue Canadian expansion eastward and ultimately look to potential international expansion. I also wish to gratefully acknowledge the contributions of Mr. Michael Kader, who has stepped down from the Board of Directors this past week on which he served for 3.5 years through a very challenging period. We wish him all the best as he now focuses on his growing family business."
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(TM), its proprietary web-based conveyancing software solution, OneMove(TM) 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.
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.
OneMove Technologies Inc.
Parminder S. Virk, P. Eng.
604.662.8207 ext 102
OneMove Technologies Inc.
Corporate & Investor Communications
604.662.8207 ext 114
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