BlueRush Inc. , an emerging personalized video Software as a Service (“SaaS”) company, is pleased to announce that due to high demand it is increasing the maximum raise of its previously announced proposed non-brokered private placement financing to a maximum of $4,500,000 units (a “Unit” or “Units”) of the Company (the “Offering”).
Accordingly, BlueRush now proposes to raise gross pursuant to the Offering proceeds of a minimum of $2,000,000 and a maximum of $4,500,000 through the issuance of a minimum of 19,047,619 Units and a maximum of 42,857,142 Units at $0.105 per Unit. Each Unit shall consist of (i) one (1) common share of the Company, and (ii) one (1) transferable common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one additional common share of the Company at a price of $0.18 per share until the date that is thirty-six (36) months from the closing. The expiry of the warrants may be accelerated by the Company at any time following the four (4) month anniversary of the issuance of the warrant and prior to the expiry date of the warrants if the volume weighted average price of the common shares of the Company on the TSX Venture Exchange (the “Exchange”) is greater than $0.22 for any twenty (20) consecutive trading days, at which time the Company may, within ten (10) business days, accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term whereupon the warrants will expire on the 20th calendar day after the date of such press release.
The net proceeds of the Offering will be used by the Company to continue to accelerate growth of its subscription revenue, R&D and for working capital.
In addition, the Company announces that holders of its 2018 Debentures (as defined in the Company’s News Release dated January 15, 2021) will now have until 5:00 p.m. (Toronto time) on January 20, 2021 to accept the Conversion Offer (as defined in the Company’s News Release dated January 15, 2021).
All securities issued pursuant to the Offering will be subject to a four-month hold period. Closing of the transactions are subject to, amongst other things, prior approval of the Exchange.
About BlueRush
BlueRush develops and markets IndiVideo™, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer lifecycle, from increased conversions to more engaging statements and customer care. IndiVideo enables BlueRush clients to capture knowledge and data from their customers’ video interaction, creating new and compelling data driven customer insights. For more information visit www.bluerush.com.
For further information please contact: | |
Steve Taylor, CEO | Ankur Gupta, Interim CFO |
Tel: 416-457-9391 | Tel: 416-203-0618 |
steve.taylor@bluerush.com | ankur.gupta@bluerush.com |