Business
Sangoma Technologies Corporation Announces Bought Deal Private Placement Financing
Sangoma Technologies Corporation Announces Bought Deal Private Placement Financing ...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"\n\n\n\nSangoma Technologies Corporation Announces Bought Deal Private Placement Financing\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\n\n\n\n\n\n\nCanada NewsWire\nMARKHAM, ON, Feb. 22, 2018\n\n\n\nMARKHAM, ON, Feb. 22, 2018 /CNW/ - Sangoma Technologies Corporation (TSX VENTURE: STC),  (the \"Company\") a trusted leader in delivering Unified Communications solutions for SMBs, Enterprises, OEMs, and Service Providers, is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Acumen Capital Finance Partners Limited, INFOR Financial Inc. and PI Financial Corp. (collectively, the \"Co-Lead Underwriters\"), pursuant to which the Co-Lead Underwriters have agreed to purchase, on a \"bought deal\" private placement basis, 10,000,000 common shares (the \"Common Shares\") of the Company at a price of $1.00 per Common Share (the \"Offering Price\") for gross proceeds of $10.0 million (the \"Offering\").\n\nThe Company has also granted the Underwriters an option, exercisable up to any time prior to the closing date of the Offering, to arrange for the purchase of up to an additional 5,000,000 Common Shares at the Offering Price for additional gross proceeds of $5.0 million.  The net proceeds of the Offering will be used to fund growth initiatives, improve net cash position and for general corporate purposes.\n\nThe Offering is expected to close on March 15, 2018 and is subject to certain conditions, including the receipt of TSX Venture Exchange approval.\n\nThe Common Shares will be sold in all of the provinces and territories of Canada on a private placement basis pursuant to the \"accredited investor\" exemption under National Instrument 45-106 – Prospectus Exemptions and certain other available and agreed upon exemptions.  The Common Shares will have a hold period of four months and one day from the closing date of the Offering.\n\nThe securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to,...