TORONTO, May 8, 2015 /CNW/ - AcuityAds Holdings Inc. ("AcuityAds", or the "Company") (TSX-V:AT), is pleased to announce the terms of its previously announced short form prospectus offering (the "Offering") of common shares in the capital of the Company (the "Offered Shares"). The Offering is being co-led by Paradigm Capital Inc. and Beacon Securities Limited (together, the "Agents").
The Offering will be priced at $0.70 per Offered Shares (the "Offering Price") as agreed upon by the Company and the Agents for minimum gross proceeds of $3,000,000 and maximum gross proceeds of $3,500,000 representing a minimum of 4,285,714 and a maximum of up to 5,000,000 Offered Shares respectively. In addition, the Company has granted the Agents the option, exercisable in whole or in part, (the "Over-Allotment Option") to arrange for additional purchasers to purchase additional common shares in the capital of the Company in an amount equal to 15% of the Offered Shares sold pursuant to the Offering at the Offering Price for a period of 30 days following closing in order to satisfy over-allotments and for market stabilization purposes. An agency agreement has been executed on these terms between the Company and the Agents.
The net proceeds from the Offering are expected to be used by the Company for general working capital purposes, including for research and development, sales, operations and business development and product marketing.
The Offering is expected to close on or about May 15, 2015 or such other date or dates that AcuityAds and the Agents agree upon. The Company has applied to the TSX Venture Exchange (the "Exchange") to list the Offered Shares. Listing of the Offered Shares is subject to the Company receiving conditional approval from the Exchange and fulfilling all listing requirements set forth therein.
A preliminary prospectus containing important information relating to the Offered Shares and the Offering has been filed with the securities regulatory authorities in each of the provinces of Alberta, British Columbia and Ontario. A final version of the short form prospectus is expected to be filed as soon as practicable. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from:
Paradigm Capital Inc.
95 Wellington Street West
Site 2101, PO Box 55
Toronto, Ontario, M5J2N7
There will not be any sale or any acceptance of an offer to buy the Offered Shares until a receipt for the final prospectus has been issued.
This news release 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.
AcuityAds Holdings Inc. has developed a programmatic marketing platform powered by proprietary machine learning technology that allows advertisers to target and connect intelligently with their audiences across online display, video, social and mobile campaigns. With operations in New York, Toronto, Los Angeles, Montreal, and Boston, AcuityAds' customers include both large Fortune 500 enterprises and small to mid-sized businesses. For more information, visit www.acuityads.com. Acuityads has been growing rapidly and in 2014, was named as the 8th fastest growing company in Canada and 26th in North America in the Deloitte Technology Fast 500TM.
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. In particular, but without limitation, statements contained in this release concerning the filing of a final prospectus in connection with the Offering, the completion of the Offering or its terms and the expected use of the net proceeds from the Offering are inherently uncertain and subject to prevailing market conditions. In addition, the Company's ability to achieve positive EBITDA is uncertain. Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
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.
SOURCE AcuityAds Inc.
For further information: Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]; Tal Hayek, Chief Executive Officer, AcuityAds Inc., 416-218-9888, [email protected]