Sangoma Announces the Completion of Its Previously Announced Bought Deal Financing

Date : 07/16/2019 @ 2:16PM
Source : GlobeNewswire Inc.
Stock : Sangoma Technologies Corporation (STC)
Quote : 2.61  -0.02 (-0.76%) @ 8:39PM
Sangoma Technologies share price Chart

Sangoma Announces the Completion of Its Previously Announced Bought Deal Financing

Sangoma Technologies (TSXV:STC)
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Sangoma Technologies Corporation ("Sangoma" or the "Corporation") (TSXV:STC), a trusted leader in delivering Unified Communications solutions for SMBs, Enterprises, OEMs, and Service Providers, is pleased to announce that it has closed its short-form bought deal prospectus offering of common shares ("Common Shares") of the Corporation (the "Offering") which was previously announced on June 24, 2019. The Offering was completed through a syndicate of underwriters (the "Underwriters") co-led by Acumen Capital Finance Partners Limited and Cormark Securities Inc., and including INFOR Financial Inc., PI Financial Corp. and Beacon Securities Limited. The Offering consisted of 14,846,500 Common Shares issued at a price of $1.55 per Common Share (including 1,936,500 Common Shares issued pursuant to an over-allotment option that was exercised in full by the Underwriters) for gross proceeds of $23,012,075.

The net proceeds from the Offering are expected to be used to fund future acquisitions, debt reduction and for general corporate purposes.

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

Sangoma 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 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.

For further information: Sangoma Technologies Corporation, David Moore, Chief Financial Officer, (905) 474-1990 Ext. 4107, dsmoore@sangoma.com, www.sangoma.com

 

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