May 19, 2011 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, May 19 /CNW/ - CounterPath Corporation ("CounterPath" or the "Company") (OTCBB: CPAH) (TSX-V: CCV), an award-winning provider of desktop and mobile VoIP software products and solutions, today announced that it has engaged National Bank Financial Inc. and Canaccord Genuity Corp. as co-lead agents to raise a minimum of $5 million and a maximum of $10 million by way of a marketed private placement (the "Offering") of units at a price of $1.75 per unit (the "Units").
Each Unit will consist of one common share and one-half of one common share purchase warrant (the "Warrant"). Each full Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $2.25 per common share for a period of two years from the closing of the Offering.
The net proceeds received by CounterPath from the Offering will be used to expand sales and marketing efforts, for working capital, and for general corporate purposes.
CounterPath has agreed to use its best commercially reasonable efforts to file, and keep effective, a resale registration statement with the U.S. Securities and Exchange Commission relating to the securities to be sold in the Offering.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any State where such offer, solicitation, or sale would be unlawful.
About CounterPath
CounterPath Corporation is an award-winning provider of innovative
desktop and mobile VoIP software products and solutions. The Company's
product suite includes SIP-based softphones, server applications and
Fixed Mobile Convergence (FMC) solutions that enable service providers,
enterprises and Original Equipment Manufacturers (OEM) to
cost-effectively integrate voice, video, presence and Instant Messaging
(IM) applications into their VoIP offerings and extend functionality
across both fixed and mobile networks.
CounterPath's customers include some of the world's largest telecommunications service providers and network equipment providers including AT&T, Verizon, BT (British Telecommunications PLC), Mobilkom Austria, Avaya, BroadSoft, Cisco Systems, Metaswitch Networks and Mitel.
For more information please visit www.counterpath.com.
Disclaimer: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
David Karp
Chief Financial Officer
CounterPath Corporation
+1.604.320.3344 ext 1114
ir@counterpath.com