Business
Sylogist Ltd. Announces $5.0 Million Bought Deal Financing
Sylogist Ltd. Announces $5.0 Million Bought Deal Financing
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n Jun. 15, 2010 (Canada NewsWire Group) -- /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Sylogist Ltd. (TSX-V: SYZ) ("Sylogist" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Macquarie Capital Markets Canada Ltd. (the "Underwriters"). The Underwriters have agreed to purchase, on an underwritten private placement basis, 2,381,000 common shares of the Company at a price of $2.10 per common share ("Share") for total gross proceeds of approximately $5.0 million (the "Offering").\nThe Company intends to use the net proceeds from the financing for general corporate purposes.\nThe Company has granted the Underwriters an option to purchase up to an additional $2.5 million, exercisable at any time prior to closing of the Offering.\nThe Offering is expected to close on or about July 7, 2010. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities will be subject to a hold period of four months and one day from the date of issuance.\n\n\n >\n\n\nSylogist is a technology company, providing leading financial enterprise information management systems, system connectivity solutions and portal applications to municipal, education and private sector customers. The Company's stock is traded on the TSX Venture Exchange under the symbol "SYZ". Information about Sylogist can be found at http://www.sylogist.com.\n\n\n >\n\n\nThis news release contains forward-looking statements. More particularly, this report contains statements concerning the Offering. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning timing of the closing of the Offering, the total gross proceeds, regulatory approvals and the satisfaction of other conditions to the completion of the Offering.\nAlthough the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statem...