OTTAWA, ONTARIO--(Marketwire - Dec. 21, 2011) - TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) ("TrueContext" or the "Company"), a mobile data solutions company today announced that it has successfully closed a non-brokered private placement to issue an aggregate of 5,555,556 units of TrueContext at $0.18 per unit (each unit consisting of one common share in the capital of TrueContext and one-half of one common share purchase warrant) for gross proceeds of $1,000,000. Each whole common share purchase warrant will entitle the holder thereof to acquire one common share of TrueContext at an additional purchase price of $0.30 per share at any time up to June 30, 2014. Unless permitted under applicable securities legislation, the common shares and common share purchase warrants comprising the units may not be traded before April 22, 2012.
The net proceeds from the private placement will be used for sales automation for operator channels and commencement of operator channels in new geographies and for working capital purposes.
ABOUT PRONTOFORMS™ AND TRUECONTEXT
ProntoForms, by TrueContext, revolutionizes how mobile workers & managers communicate and report, improving business productivity and efficiency. With the recent widespread availability of smartphones and tablet devices, digital mobile form submission is now a business reality - eliminating the costly, slow and error prone paper form business process.
Why is ProntoForms unique as a mobile forms solution?
- Your business forms gone mobile, no changes to your process
- Portal reports, real time business information from the field
- Works on your favorite mobile device - iPhone and iPad, BlackBerry, Android, Windows Mobile & HP webOS.
TrueContext is traded on the TSXV under the symbol TMN. TrueContext has a powerful and proprietary patent portfolio, from which ProntoForms mobile app and Web reporting portal are developed. ProntoForms is the trademark of TrueContext Corporation, a wholly-owned subsidiary of TrueContext.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.