/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MARKHAM, ON, June 24, 2019 /CNW/ - Sangoma Technologies Corporation (TSXV:STC) ("Sangoma" or "Company"), a trusted leader in delivering Unified Communications solutions for SMBs, Enterprises, OEMs, and Service Providers, is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Acumen Capital Finance Partners Limited and Cormark Securities Inc. (together, the "Co-Lead Underwriters"), pursuant to which the Co-Lead Underwriters have agreed to purchase, on a "bought deal" basis and subject to regulatory approval, 11,291,000 common shares (the "Shares") of Sangoma, at a price of $1.55 per Share (the "Offering Price") and offer them to the public by way of short form prospectus for total gross proceeds of approximately $17.5 million (the "Offering").
In addition, Sangoma has also granted the Underwriters an over‐allotment option (the "Option") to purchase up to an additional 1,693,650 Shares (representing 15% of the base Offering) at the Offering Price exercisable in whole or in part up to 30 days after closing of the Offering. If the Option is exercised in full, the aggregate gross proceeds of the Offering will be approximately $20,126,208. The net proceeds from the Offering are expected to be used to fund future acquisitions, debt reduction and for general corporate purposes.
The Offering is expected to close on or about July 16, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including approval of the TSX Venture Exchange and applicable securities regulatory authorities.
The Shares to be issued under the Offering will be offered by way of a short form prospectus in each of the Provinces of Canada other than Quebec and may be offered for sale in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "1933 Act") or another available exemption by way of private placement pursuant to an exemption from the registration requirements of the 1933 Act (collectively, the "Qualifying Jurisdictions").
Sangoma Technologies is a trusted leader in delivering Unified Communications solutions for SMBs, Enterprises, OEMs, Carriers and service providers. Sangoma's globally, scalable offerings include both on-premises and cloud-based phone systems, telephony services and industry leading Voice-Over-IP solutions, which together provide seamless connectivity between traditional infrastructure and new technologies. Sangoma's products and services are used in leading PBX, IVR, contact center, carrier networks and data-communication applications worldwide. Businesses can achieve enhanced levels of collaboration, productivity and ROI with Sangoma. Everything Connects, Connect with Sangoma! Founded in 1984, Sangoma Technologies Corporation is publicly traded on the TSX Venture Exchange (TSX VENTURE: STC). Additional information on Sangoma can be found at: www.sangoma.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sangoma, its subsidiaries, or its affiliates to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the anticipated closing and closing date of the Offering and anticipated use of proceeds. The forward-looking statements included in this news release are made as of the date of this news release and Sangoma does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sangoma Technologies Corporation
For further information: Sangoma Technologies Corporation, David Moore, Chief Financial Officer, (905) 474-1990 Ext. 4107, [email protected], www.sangoma.com