Vecima Networks Inc. (“
Vecima” or the
“
Company”) (TSX:VCM) is pleased to announce that
it has closed the Company’s offering for sale of 563,380 common
shares in the capital of the Company (the “
Common
Shares”) as announced in a press releasedated December 7,
2022 (the “
LIFE Offering”), and concurrently, has
closed the Company’s brokered private placement of 394,500 Common
Shares as announced in a press release dated December 9, 2022 (the
“
Private Placement” together with the
LIFE
Offering, the “
Offering”).
The Company 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”) (the “Agency
Agreement”), under which the Agents sold 563,380 Common
Shares in the LIFE Offering, which includes the exercised option
under the Agency Agreement to offer for sale an additional 56,280
Common Shares, and sold 394,500 Common Shares in the Private
Placement.
Pursuant to the Offering, the Company issued
957,880 Common Shares at a price of $17.75 per Common Share for
aggregate gross proceeds to the Company of approximately
$17,002,370.
The Common Shares sold in the LIFE Offering were
offered in all Canadian provinces pursuant to the Listed Issuer
Financing Exemption under National Instrument 45-106 – Prospectus
Exemptions (“NI 45-106”)
The Common Shares sold pursuant to the Private
Placement are subject to the four-month hold period set out in
National Instrument 45-102 – Resale of Securities and were offered
in all Canadian provinces pursuant to the Accredited Investor
Exemption under NI 45-106.
The Company intends to use the net proceeds of the
Offering for the repayment of the line of credit.
The amended offering document related to the LIFE
Offering can be accessed under the Company’s profile at
www.sedar.com and at
https://vecima.com/investor-relations/investor-information/.
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 use of the proceeds) 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 applied material assumptions based on its
experience, perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances.
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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