CALGARY, Sept. 22, 2016 /CNW/ - Acceleware® Ltd. (TSX-V: AXE, "Acceleware" or the "Corporation"), proposes to complete a non-brokered private placement of units (the "Units") to raise gross proceeds of up to $2,000,000 (the "Private Placement").  Each Unit shall consist of one common share of the Corporation (a "Common Share") and one-half of one common share purchase warrant of the Corporation (a "Warrant"). Each whole Warrant shall entitle the holder of the Warrant to acquire one common share of the Corporation, at an exercise price of $0.22, for a period of 24 months after the date of issue.

Acceleware may issue up to 18,181,818 Units at a price of $0.11 per Unit. The Common Shares issued in connection with the Private Placement and any common shares of the Corporation issued upon exercise of the Warrants will be subject to a four-month hold period from the date of issue, as prescribed by the TSX Venture Exchange and applicable securities laws.  The Private Placement may close in one or more tranches.  The closing of the Private Placement is subject to, among other things, receipt of subscription agreements from suitable investors and receipt of TSX Venture Exchange approval.

The Corporation intends to use the proceeds of the Private Placement to continue to develop and field test its innovative radio frequency RF XL heavy oil and oil sands extraction technology, and for general corporate purposes.  

About Acceleware

Acceleware ( develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware's professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware's products and services are used by some of the world's largest energy and engineering companies.


This release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer's business, capital, or operations that is prospective in nature, and includes disclosure about the issuer's prospective financial performance or financial position.

The forward-looking information in this release includes information about the terms of the Private Placement and the use of the proceeds of the Private Placement. The Corporation assumes that future macro and micro economic conditions will not require it to amend the terms of the Private Placement, cancel the Private Placement, or use the proceeds of the Private Placement other than for the purposes stated above.  

Actual results may vary from the forward-looking information in this release due to certain material risk factors. These risk factors are described in detail in the Corporation's continuous disclosure documents, which are filed on SEDAR at

The Corporation assumes no obligation to update or revise the forward-looking information in this release, unless it is required to do so under Canadian securities legislation.

Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.

Neither the 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.

This release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE Acceleware Ltd.

For further information: Geoff Clark, Tel: +1 (403) 249-9099, This email address is being protected from spambots. You need JavaScript enabled to view it.

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