Vecima Networks Inc. (“Vecima” or the “Company”) (TSX:VCM), is
pleased to announce that it has entered into an agreement with
Raymond James Ltd. and Cormark Securities Inc. (together, the
“Agents”), pursuant to which the Agents have agreed to offer for
sale 507,100 common shares (the “Common Shares”) in the capital of
the Company at a price of $17.75 per Common Share (the “Issue
Price”) for aggregate gross proceeds to the Company of
approximately $9 million (the “Offering”).
In addition, the Company has granted the Agents
and option (the “Agents’ Option”), exercisable up to 48 hours prior
to closing to offer for sale 56,280 Common Shares, for market
stabilization purposes and to cover over-allotments, if any. In the
event the Agents Option is exercised in its entirety total gross
proceeds to the Company will be approximately $10 million. The
Agents have agreed to purchase the Common Shares which remain
unsold on the Closing Date, for investment purposes, at the Issue
Price.
The Common Shares will be offered in all
Canadian provinces pursuant to the Listed Issuer Financing
Exemption under National Instrument 45-106 - Prospectus
Exemptions.
The Company intends to use the net proceeds of
the Offering for the repayment of the line of credit.
The Offering is expected to close on or about
December 14, 2022, subject to customary closing conditions,
including, but not limited to, the receipt of all necessary
approvals including the approval of the Toronto Stock Exchange.
There is an offering document related to this
offering that can be access under the Company’s profile at
www.sedar.com and at
https://vecima.com/investor-relations/investor-information/.
Prospective investors should read this offering document before
making an investment decision.
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 the United States or in any other
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements thereunder.
About Vecima Networks Inc.
Vecima Networks Inc. (TSX: VCM) is leading the
global evolution to the multi-gigabit, content-rich networks of the
future. Our talented people deliver future-ready software,
services, and integrated platforms that power broadband and video
streaming networks, monitor and manage transportation, and
transform experiences in homes, businesses, and everywhere people
connect. We help our customers evolve their networks with
cloud-based solutions that deliver ground-breaking speed, superior
video quality, and exciting new services to their subscribers.
There is power in connectivity – it enables people, businesses, and
communities to grow and thrive. Learn more at www.vecima.com.
For further information please
contact:
Dean RockwellInvestor Relations –
250-881-1982invest@vecima.com
Forward-Looking Statements
Some statements in this release may contain
forward-looking information. All statements, other than of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements regarding
the Offering generally, the terms thereof, the use of the proceeds,
the exercise of the Agents’ Option, the jurisdictions in which the
Offering will be conducted, the filing of the offering materials
and the satisfaction of the conditions of closing of the Offering,
including the receipt, in a timely manner, of required approvals)
are forward-looking statements. Forward-looking statements are
generally identifiable by use of the words “may”, “will”, “should”,
“continue”, “expect”, “anticipate”, “estimate”, “believe”,
“intend”, “plan” or “project” or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements. A more complete discussion of the
risks and uncertainties facing Vecima is disclosed under the
heading “Risk Factors” in the Company’s Annual Information Form
dated September 22, 2022, as well as the Company’s continuous
disclosure filings with Canadian securities regulatory authorities
available at www.sedar.com.
In making the forward-looking statements in this
news release, the Company has applied several material assumptions,
including without limitation, assumptions regarding the Company
receiving all required approvals; the satisfaction or waiver of the
conditions of closing of the Offering and the completion of the
Offering on the expected terms.
Although the Company has attempted to identify
important factors that could cause actual results or events to
differ materially from those described in forward-looking
statements, there may be other factors that cause results or events
not to be as anticipated, estimated or intended. Readers should not
place undue reliance on forward-looking statements. The
forward-looking statements included in this news release are made
as of the date of this news release and the Company 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.
All forward-looking information herein is
qualified in its entirety by this cautionary statement, and Vecima
disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.
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