/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TORONTO, Nov. 7 /CNW/ - Route1 Inc.(TM) (TSX-V:ROI), the trusted provider of security and identity management network solutions, today announced that it has completed its private placement offering, announced on October 15, 2007, of 64,720,666 units ("Units") at a price of $0.12 per Unit for total gross proceeds of $7,766,480. Each Unit is comprised of one (1) common share and one-half (0.5) common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one common share at a price of $0.155 per share for a period of 2 years from the date of closing.
The offering was conducted through a syndicate of agents led by Raymond James Ltd. and included GMP Securities L.P. and Laurentian Bank Securities Inc. (collectively the "Agents"). The Agents were paid a cash commission equal to seven percent (7%) of the gross proceeds raised pursuant to the offering and have been granted non-assignable common share warrants equal, in aggregate, to six percent (6%) of the number of Units sold.
The common shares have been conditionally approved for listing on the TSX Venture Exchange Inc. (the "Exchange"), subject to compliance with the normal requirements of the Exchange. The Units sold pursuant to the private placement will be subject to resale restrictions in accordance with applicable securities law and stock exchange requirements.
ABOUT ROUTE1 INC.
Route1 is the trusted provider of security and identity management network solutions that are redefining today's digital landscape. At the heart of Route1's solutions is MobiNET, a communications and service delivery platform focused on identity management and entitlement-based access to resources. Leveraging the power of MobiNET is the award-winning MobiKEY, an ultra-portable computing device that securely connects users to the myriad of MobiNET services from any Internet-enabled Windows-based PC. This patent-pending computing solution is embedded on a smart-card enabled, cryptographic USB device, making it one of the most powerful and easy-to-use secure computing solutions available today. MobiKEY enables users to connect to their desktop data, applications, network resources, and web content with services such as TruOFFICE and PurLINK. Route1's patent-pending solutions, based on FIPS-140-2 cryptographic modules, meet the stringent security needs and high standards mandated by all levels of government. They have been evaluated by ICSA Labs and certified by the CSE. As a Company with high regard for intellectual property, Route1 continues to encourage and nurture innovation across its talented team. Headquartered in Toronto, Route1 is listed on the TSX Venture Exchange (symbol: ROI) and has offices and agents worldwide. For more information, visit www.route1.com.
This news release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for its adequacy or
accuracy.
(C)2007 Route1 Inc. All rights reserved. Route1, the Route1 Logo, Mobi,
Route1 MobiKEY, Route1 TruOFFICE, Route1 PurLINK, Route1 EnterpriseLIVE,
and Route1 MobiNET are either registered Trademarks or Trademarks of
Route1 Inc. in the United States and/or Canada. All other trademarks
and/or trade names are the property of their respective owners.
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