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VANCOUVER, Jan. 12, 2016 /CNW/ - TIO Networks Corp.
(TSX.V:TNC) "TIO" or the "Company" is
pleased to announce that it has entered into an agreement with PI
Financial Corp. (the "Underwriter") and a syndicate of other
dealers pursuant to which the Underwriter has agreed to purchase
for sale, on a bought deal basis, 2,659,575 shares of the Company
at a price of $1.88 per common share
(the "Private Placement"). The gross proceeds to the Company
will be for $5 million CAD.
The Company has also granted the Underwriters an over-allotment
option to purchase up to an additional 15% of number of shares in
the offering on the same terms and conditions as the Private
Placement. The over-allotment may be exercised in whole or in
part at any time 24 hours prior to the closing date of the
offering.
The Company will pay the Underwriter a fee equal to: 6% of the
gross proceeds of the Private Placement, payable in cash. The
proceeds raised under the Private Placement will be used for
general working capital and corporate purposes.
The Private Placement is expected to close on or about
Jan 28, 2016 and is subject to the
Company receiving all necessary regulatory approvals. Securities
issued under the Private Placement will be subject to a four month
hold period which will expire four months plus one day from the
closing date of the Private Placement.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities to, or for
the account or benefit of, persons in the
United States or "U.S. persons" ("U.S. Persons"), as
such term is defined in Regulation S under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act"). The securities have not been and will not be registered
under the U.S. Securities Act or any state securities laws, and may
not be offered or sold to, or for the account or benefit of,
persons in the United States or
U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About TIO Networks
TIO is a multi-channel cloud-based bill payment processor
serving the largest telecom, wireless, cable and utility bill
issuers in North America.
TIO symbolizes fast, convenient and secure bill payment.
Visit: www.TIOnetworks.com. Join the
conversation: www.twitter.com/TIOnetworks or like
us: http://www.facebook.com/TIOnetworks
This press release has been prepared by TIO Networks Corp.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE TIO Networks Corp.