MARKHAM, ON, Feb. 22, 2018 /CNW/ - Sangoma Technologies Corporation (TSX VENTURE: STC), (the "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, INFOR Financial Inc. and PI Financial Corp. (collectively, the "Co-Lead Underwriters"), pursuant to which the Co-Lead Underwriters have agreed to purchase, on a "bought deal" private placement basis, 10,000,000 common shares (the "Common Shares") of the Company at a price of $1.00 per Common Share (the "Offering Price") for gross proceeds of $10.0 million (the "Offering").
The Company has also granted the Underwriters an option, exercisable up to any time prior to the closing date of the Offering, to arrange for the purchase of up to an additional 5,000,000 Common Shares at the Offering Price for additional gross proceeds of $5.0 million. The net proceeds of the Offering will be used to fund growth initiatives, improve net cash position and for general corporate purposes.
The Offering is expected to close on March 15, 2018 and is subject to certain conditions, including the receipt of TSX Venture Exchange approval.
The Common Shares will be sold in all of the provinces and territories of Canada on a private placement basis pursuant to the "accredited investor" exemption under National Instrument 45-106 – Prospectus Exemptions and certain other available and agreed upon exemptions. The Common Shares will have a hold period of four months and one day from the closing date of the Offering.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Sangoma Technologies Corporation
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 VENURE: STC). Additional information on Sangoma can be found at: www.sangoma.com.
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