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Sangoma Technologies Corporation Announces Upsized Underwritten Public Offering to $70 Million
Sangoma Technologies Corporation Announces Upsized Underwritten Public Offering to $70 Mil...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"\n\n\n\nSangoma Technologies Corporation Announces Upsized Underwritten Public Offering to $70 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\nMARKHAM, ON, July 23, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n MARKHAM, ON, July 23, 2020 /CNW/ - Sangoma Technologies Corporation (TSXV: STC) (the \"Company\" or \"Sangoma\") is pleased to announce that in connection with its previously announced underwritten public offering, the Company and a syndicate of underwriters led by Cormark Securities Inc. (the \"Lead Underwriter\"), and including Acumen Capital Finance Partners Limited, PI Financial Corporation, CIBC World Markets Inc., INFOR Financial Inc., Beacon Securities Limited and Canaccord Genuity Corp. (collectively, the \"Underwriters\") have agreed to increase the size of the offering. The Company will now issue 30,440,000 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 $70 million (the \"Offering\").\nIn addition, the Company and the Underwriters have also agreed to increase the over-allotment option granted to the Underwriters (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.\nThe net proceeds of the Offering shall be used to fund any future acquisitions, for debt repayment, and for general corporate purposes.\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 (\"TSXV\").\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 o...