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CALGARY, March 20, 2014 /CNW/ - Sylogist Ltd. ("Sylogist" or the "Company") (TSX VENTURE:SYZ) is pleased to announce that it has entered into an agreement with Acumen
Capital Finance Partners Limited ("Acumen"), pursuant to which Sylogist
has agreed to issue, and Acumen has agreed to purchase on a "bought
deal" basis, an aggregate of 1,700,000 common shares of the Company
("Common Shares") at a price of $8.90 per Common Share for total gross
proceeds of $15,130,000 (the "Offering").
The Common Shares will be offered by way of private placement in British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and certain
other jurisdictions agreed to between Acumen and the Company. The
closing of the Offering is expected to occur on or about April 10,
2014, and 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.
Sylogist intends to use the proceeds from the Offering to increase
working capital to allow for business expansion through organic growth
initiatives and strategic acquisitions.
Sylogist is a technology innovation company which, through strategic
acquisitions, investments and operations management, provides
Enterprise Systems and Supply Chain intellectual property solutions to
a wide range of public 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.
This news release contains forward-looking information which is not
comprised of historical facts. These statements typically use words
such as prospects, believe, estimate, forecast, project, expect,
anticipate, plan, may, should, could and would, or the negative of
these terms, variations thereof or similar terminology. By their very
nature, forward-looking statements are based on assumptions and involve
inherent risks and uncertainties, both general and specific in nature.
It is therefore possible that the forecasts, projections and other
forward-looking statements will not be achieved or will prove
inaccurate. Although Sylogist believes that the expectations reflected
in these forward-looking statements are reasonable, it provides no
assurance that these expectations will prove to have been correct.
Forward-looking information involves risks, uncertainties and other
factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied
by such forward-looking information. Forward-looking information in
this news release includes statements with respect to Sylogist's
intention to complete the Offering, the expected closing date of the
Offering and the use of proceeds from the Offering. Material
assumptions and factors that could cause actual results to differ
materially from such forward-looking information includes the
performance of the underwriter's and Sylogist's obligations in relation
to the Offering; the failure to obtain approval from the TSX Venture
Exchange; and the determination by Sylogist to use the proceeds for
alternate purposes. Although Sylogist believes that the material
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will
occur. Sylogist disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.
- Neither the 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-
SOURCE: Sylogist Ltd.
For further information:
Jim Wilson, President and CEO