Business
DATA Communications Management Corp. Announces Rights Offering to Raise Gross Proceeds of up to $9.3 million
DATA Communications Management Corp. Announces Rights Offering to Raise Gross Proceeds of ...
About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\n\nDATA Communications Management Corp. Announces Rights Offering to Raise Gross Proceeds of up to $9.3 million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nBRAMPTON, ON, May 16, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nBRAMPTON, ON, May 16, 2017 /CNW/ - DATA Communications Management Corp. (TSX: DCM) (\"DATA\" or the \"Company\"), announced today that it has filed a rights offering notice and circular in respect of a rights offering (the \"Rights Offering\") to securityholders to subscribe for common shares of the Company (\"Common Shares\").\n\nDetails of the Rights Offering\n\nThe Company is offering a total of 13,260,263 rights (\"Rights\"). Every two Rights held will entitle an eligible holder of Rights to subscribe for one Common Share at the subscription price of $1.40, which represents a discount of approximately 19.5% to the closing price of the Common Shares on the TSX on May 15, 2017. If all Rights are exercised, holders of Rights will be entitled to subscribe for a total of 6,630,131 Common Shares and the gross proceeds of the Rights Offering will be approximately $9.3 million.  The completion of the Rights Offering is not conditional upon the Company receiving any minimum amount of subscriptions for Common Shares.  \n\nUnder the terms of the Rights Offering, Rights are being offered to eligible holders of DATA's outstanding Common Shares. \n\nEligible securityholders of record as at 5:00 p.m. (Toronto time) on May 31, 2017 (the \"Record Date\") will be entitled to participate in the Rights Offering.  Eligible holders of Common Shares will receive one Right for each Common Share held. No fractional Rights will be issued.\n\nThe Rights will be transferable.  The Rights will be listed on the TSX under the symbol \"DCM.RT\" and will be posted for trading on the TSX until 12:00 p.m. (Toronto time) on June 22, 2017, at which time they will be halted from trading.\n\nThe Rights will expire at 5:00 p.m. (Toronto time) (...