RESAAS Services (RSS.V), up 11% on last look, Monday said it plans to raise up to $1.8 million through a private placement of shares.
The offering is being completed in connection with a concurrent block trade, whereby certain company shareholder will sell an equivalent number of their common shares to a single institutional investor.
The offering and the block trade are conditional upon one another.
Both the offering and the block trade are priced at $0.45 per share, equal to the closing price of RESAAS shares on the TSX Venture Exchange on April 10.
The $1.8 million proceeds will be used to strengthen the company's balance sheet and for general working capital.
RESAAS shares were last seen up $0.05, to $0.50, on the TSX Venture Exchange.
Price: $0.50, Change: $+0.05, Percent Change: +11.11%