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VANCOUVER, BC, Feb. 16, 2021 /CNW/ - LITE ACCESS
TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE)
(OTC PINK: LTCCF) is pleased to announce that due to strong
investor demand, it has upsized the previously announced
non-brokered private placement from $750,000 to $1,260,000 (the "Offering").
The Offering will consist of up to 5,040,000 units (each a
"Unit") at $0.25 per Unit for gross
proceeds of up to $1,260,000 (the
"Offering"). Each Unit consists of one common share of the
Company and one share purchase warrant (each a "Warrant"), with
each Warrant entitling the holder to purchase one additional common
share for a period of one year from the date of the issue at an
exercise price of $0.35 per
share. The Company may pay a finder's fee in cash and/or
share purchase warrants in connection with the Offering.
Certain directors and officers of the Company are expected to
participate in the private placement. Such participation
would be considered to be a "related party transaction" as defined
under Multilateral Instrument 61-101 ("MI 61-101"). The
Offering will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101.
"We are extremely pleased with the growing demand from investors
resulting in an upsize for this private placement," said
Carlo Shimoon, President & CEO
of Lite Access. "The offering was very well supported by existing
shareholders, new shareholders and insiders as we focus on
executing our growth plans for our Canadian operations to deliver
value to our shareholders."
Proceeds from the Offering will be used to fund growth
initiatives and for working capital purposes. All securities
issued under the Offering, including securities issuable on the
exercise thereof, are subject to a hold period expiring four months
and one day from the date of issuance.
The Offering is subject to the acceptance of the TSX Venture
Exchange.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of
innovative and proven micro/narrow trenching technologies,
alternate methods of deployment and specialist products which
transform the cost the network deployment for telecommunications
operators.
As part of its suite of services Lite Access provides clients
with integrated solutions or select components for the design and
implementation of fibre optic networks. Lite Access' products
have been deployed in many high-profile communication networks
including Olympic facilities, military and government, numerous
communities throughout the United
Kingdom, the USA and
Canada as well as global
telecommunications companies that have adopted Lite Access as the
"solution of choice" for the least invasive, most cost effective
and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products
extend a network provider's ability to deliver true broadband
connectivity directly to end-users, such as homes, businesses,
government and educational institutions, and emergency response
facilities. Lite Access remains flexible and innovative in its
commitment to provide global clients and partners with the most
cost effective and proven fibre connectivity solutions
available.
Forward Looking Information
This news release contains statements that, to the extent
they are not recitations of historical fact, may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities laws. Lite Access uses words such as "may",
"would", "could", "will", "likely", "expect", "believe", "intend"
and similar expressions to identify forward-looking statements. Any
such forward-looking statements are based on assumptions and
analyses made by Lite Access in light of its experience and its
perception of historical trends, current conditions and expected
future developments. However, whether actual results and
developments will conform to Lite Access' expectations and
predictions is subject to any number of risks, assumptions and
uncertainties. Many factors could cause Lite Access' actual
results to differ materially from those expressed or implied by the
forward-looking statements contained in this news release. Such
factors include, among other things: and risks and uncertainties
described in Lite Access's most recent Management Discussion &
Analysis (MD&A) for the period ended September 30, 2020 which can be accessed at
www.sedar.com. The "forward-looking statements" contained herein
speak only as of the date of this press release and, unless
required by applicable law, Lite Access undertakes no obligation to
publicly update or revise such information, whether as a result of
new information, future events or otherwise.
Neither the 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 Lite Access Technologies Inc