Vecima Networks Inc. (“
Vecima” or the
“
Company”) (TSX:VCM) is pleased to announce that
due to significant demand, in addition to the offering for sale of
up to 563,380 common shares (the “
Common Shares”)
in the capital of the Company as announced in a press release dated
December 7, 2022 (the “
LIFE Offering”), the
Company has entered into an agreement with Raymond James Ltd. and
Cormark Securities Inc. (together, the “
Lead
Agents”), as lead managers and joint book-runners,
together with a syndicate of agents (collectively, with the Lead
Agents, the “
Agents”) pursuant to which the Lead
Agents have agreed to offer for sale an additional 394,500 Common
Shares at a price of $17.75 per Common Share (the “
Offering
Price”) for aggregate gross proceeds to the Company of
approximately $7,002,375 (the “
Private Placement”
together with the LIFE Offering, the “
Offering”).
If the Lead Agents exercise the agents’ option
under the LIFE Offering in its entirety and 394,500 Common Shares
are sold in the Private Placement, the total gross proceeds from
the Offering will be $17,002,370.
The Common Shares sold pursuant to the Private
Placement shall be subject to the four-month hold period set out in
National Instrument 45-102 – Resale of Securities and will be
offered in all Canadian provinces pursuant to the Accredited
Investor Exemption under National Instrument 45-106 – Prospectus
Exemptions and in such other jurisdictions that are mutually agreed
to by the Company and the Agents.
The Company intends to use the net proceeds of
the Offering for the repayment of the line of credit.
The Private Placement is expected to close
concurrently with the LIFE Offering 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 amended offering document related to
the LIFE Offering that can be accessed under the Company’s profile
at www.sedar.com and at
https://vecima.com/investor-relations/investor-information/.
Prospective investors in the LIFE Offering 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:
Investor Relations – 250-881-1982
invest@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 amount to be raised, 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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