/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, July 9 /CNW/ - Sylogist Ltd. (TSX-V: SYZ) ("Sylogist" or the "Company") is pleased to announce that it has closed its previously announced bought deal private placement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Macquarie Capital Markets Canada Ltd. (the "Underwriters") effective July 9, 2010. Sylogist issued a total of 3,288,000 common shares, including pursuant to the over-allotment option granted to the Underwriters, for $2.10 per share for gross proceeds of $6,904,800.
The Underwriters received a cash commission and warrants exercisable for that number of common shares as is equal to 10% of the shares sold under the offering. The Underwriters' warrants are exercisable at a price of $2.10 per common share for a period of 24 months from the closing date, being until July 9, 2012. All securities issued pursuant to the private placement carry a four-month hold period from the date of closing, being until November 10, 2010.
The Company intends to use the net proceeds from the financing for general corporate purposes.
Sylogist is a technology company, providing leading financial enterprise information management systems, system connectivity solutions and portal applications to municipal, education 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 press release is not an offering of securities for sale in the United States. The common shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act.
- The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release -
SOURCE Sylogist Ltd.
For further information: For further information: Sylogist Ltd., Attention: Jim Wilson, President & CEO, Phone: (403) 266-4808