Business
Sangoma Technologies Corporation Announces $60 Million Underwritten Public Offering
(via TheNewswire) MARKHAM, ONTARIO - TheNewswire - July 22, 2020 - ...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"Sangoma Technologies Corporation Announces $60 Million Underwritten Public Offering(via TheNewswire)\n \n \nMARKHAM, ONTARIO - TheNewswire - July 22, 2020 - Sangoma Technologies Corporation (TSXV:STC) (the \"Company\" or \"Sangoma\") is pleased to announce that it has entered into an agreement with a syndicate of investment dealers led by Cormark Securities Inc. (collectively, the \"Underwriters\") pursuant to which the Underwriters have agreed to purchase 26,090,000 Common Shares (the \"Common Shares\") from the treasury of the Company, at a price of $2.30 per Common Share for total gross proceeds of approximately $60 million (the \"Offering\").\n\n \n \nIn addition, the Company has granted the Underwriters an option (the \"Over-Allotment Option\") to purchase up to an additional 15% of the Common Shares of the Offering on the same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.\n\n \n \nThe net proceeds of the Offering shall be used to fund any future acquisitions, for debt repayment, and for general corporate purposes.\n\n \n \nClosing of the Offering is expected to occur on or about July 30, 2020 and is subject to regulatory approval including that of the TSX Venture Exchange (the \"TSXV\").\n\n \n \nThe Offering will be made by way of a prospectus supplement (the \"Prospectus Supplement\") to the Company's existing short form base shelf prospectus (the \"Base Shelf Prospectus\") dated June 29, 2020. The Prospectus Supplement (together with the Base Shelf Prospectus, being the \"Offering Documents\") will be filed with the securities commissions in all of the provinces of Canada. The Offering Documents will contain important detailed information about the securities being offered. Copies of the Underwriting Agreement and the Offering Documents will be available by visiting the Company's profile on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com.\n \n\n\n \nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press releas...