/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, June 15 /CNW/ - Sylogist Ltd. (TSX-V: SYZ) ("Sylogist" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Macquarie Capital Markets Canada Ltd. (the "Underwriters"). The Underwriters have agreed to purchase, on an underwritten private placement basis, 2,381,000 common shares of the Company at a price of $2.10 per common share ("Share") for total gross proceeds of approximately $5.0 million (the "Offering").
The Company intends to use the net proceeds from the financing for general corporate purposes.
The Company has granted the Underwriters an option to purchase up to an additional $2.5 million, exercisable at any time prior to closing of the Offering.
The Offering is expected to close on or about July 7, 2010. The Offering 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. The securities will be subject to a hold period of four months and one day from the date of issuance.
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.
Forward Looking Statements
This news release contains forward-looking statements. More particularly, this report contains statements concerning the Offering. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning timing of the closing of the Offering, the total gross proceeds, regulatory approvals and the satisfaction of other conditions to the completion of the Offering.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that regulatory approvals and consents are not obtained, or risks that the state of the financial markets affects the Agents' ability to market the securities.
The forward-looking statements contained in this report are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This press release is not an offering of securities for sale in the United States. The units 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