Acceleware Announces Closing of Non-Brokered Private


CALGARY, Alberta, March 24, 2022 (GLOBE NEWSWIRE) — Acceleware Ltd. (“Acceleware”) (TSXV: AXE), a Canadian clean-tech innovator of radio frequency (RF) heating technologies today announced that it has closed its non-brokered private placement of 10% unsecured convertible debentures due 2026 (the “Debentures”), for gross proceeds of $1,500,000 (the “Private Placement”). Acceleware expects its second private placement of 10% unsecured convertible debentures due 2026, which it announced via news release on March 23, 2022, to close on or before April 15, 2022.

Details of the Private Placement

Each Debenture matures four years after the issue date and is convertible into units of Acceleware at a conversion price of $0.80. If Acceleware subsequently sells common shares (or securities that are convertible into or exchangeable for common shares) at a lower purchase (or conversion) price, the conversion price of the Debentures will be adjusted downward to the subsequent purchase (or conversion) price, subject to a minimum conversion price of $0.68 and other applicable policies of the TSX Venture Exchange, and provided the Debenture holder converts the Debenture within 15 days of the announcement of the subsequent offering. In addition, no earlier than four months and one day after the issue date of the Debentures, but before the Debentures become due, Acceleware has the right, at its sole discretion, to require the conversion of the Debentures into common shares if, at any time, the 30-day volume weighted-average trading price of the common shares on the TSX Venture Exchange equals or exceeds $1.04. Accrued interest on each Debenture is convertible into units of Acceleware subject to the review and approval of the TSX Venture Exchange when exercised.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share, at an exercise price equal to 200% of the conversion price of the Debentures, for a 24-month period following the distribution of the Debentures.

Acceleware intends to use the net proceeds of the Private Placement to fund the further development and testing of Acceleware’s RF heating technology (RF XL and the Clean Tech Inverter) and for general corporate purposes. Purchasers of the Debentures will be subject to a four-month hold period in accordance with securities legislation.

About Acceleware

Acceleware ( is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.

Acceleware is developing RF XL, its patented and patent-pending low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. In shallow oil sands implementations, no tailings ponds will be required. Acceleware is currently undertaking a commercial pilot test of its RF XL technology in Marwayne, Alberta, intended to validate RF XL’s technological capabilities, economic viability, as well as its decarbonization potential for heavy oil and oil sands production.

Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

Acceleware’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.


This press release contains “forward-looking information” within the meaning of 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 press release can be identified by the terms “expects”, “intends”, and derivatives thereof, and includes information about the proposed use of proceeds of the Private Placement.

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

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

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.

For further information:
Geoff Clark, CEO
Tel: +1 (403) 249-9099
[email protected]

Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3 Canada
Tel: +1 (403) 249-9099

Acceleware Limited

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