RESAAS Services Inc. (CNSX:RSS) says it will raise up to $2 million through a non-brokered private placement financing, with the new funds to be used mainly for the expansion of its hot real estate social networking platform into Europe.
Indeed, the company's expansion has already taken off in North America, where RESAAS has added a broker several times a month since opening for business at the start of the year, across Canada and the U.S.
"Due to the ever growing request for RESAAS to localize its real estate social platform throughout the major markets in the European Union, RESAAS is pleased to be able to raise capital to meet this demand," said CEO Cory Brandolini in a statement late Tuesday. "Raising capital to accelerate our services globally has been very much a part of our growth strategy."
The units, at a price of $1.10 apiece, will be offered to a select group of "accredited individuals and institutions", and will be made up of one common share and one half share purchase warrant. Every warrant will be exercisable at a price of $1.50 each for a period of 18 months after closing.
RESAAS, whose social network is designed to allow real-time updating of property listings as well as the ability to sync with social media sites such as Facebook (NASDAQ:FB) and Twitter, is growing steadfast in its popularity, continually adding broker after broker to its platform.
Known as real estate broadcasts, RESAAS' reblasts engine automatically generates all of an agency's real estate workflow into social content that is instantly pushed out to the RESAAS platform and other social networks.
The company just added Chicago-based real estate brokerage, Elan Realty Group, to its social networking platform and Michigan-based Robinson Realty & Management Group, as the company continues to gain traction in the Eastern U.S.
The social network has already proved popular with real estate agencies in the West, adding such names as Southern California-based Summit Realty Group, Star Real Estate, Modern Realty, Vernazza Realty, Parker Properties, OC Homes Realty, Century 21 Showcase and Century 21 Adobe Realty -- all in California, to name a few.
Last week, the company was picked to power Inman News' upcoming Real Estate Connect conference in San Francisco this July, showcasing the company's increasing popularity in the industry. The news came less than a week after RESAAS was chosen to power the upcoming summit hosted by the Asian Real Estate Association (AREAA) of America in Vancouver this July, and after it was the preferred social networking partner for HousingWire’s Real Estate Expo.
And it was also just named among the top 50 real estate tech solutions by HousingWire.
Shares of RESAAS have rallied more than 43 per cent so far this year, closing Tuesday at $1.29 on the Canadian National Stock Exchange, with a market cap of more than $36 million.
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