MARKHAM, Ontario, March 15, 2018 (GLOBE NEWSWIRE) --
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Sangoma Technologies Corporation (TSX VENTURE:STC) (“Sangoma”), a trusted leader in delivering Unified Communications solutions for SMBs, Enterprises, OEMs, and Service Providers, is pleased to announce that it has closed its previously announced private placement, by issuing 13,138,000 common shares of the Company (“Common Shares”) at a price of $1.00 per share for total gross proceeds of $13,138,000. All Common Shares issued pursuant to the Offering are subject to a hold period of four months and one day from the closing date of the Offering.
The net proceeds of the Offering will be used to fund growth initiatives, improve net cash position and for general corporate purposes.
The Offering was co-led by Acumen Capital Finance Partners Limited, INFOR Financial Inc. and PI Financial Corp., with a syndicate of underwriters including Beacon Securities Limited and Cormark Securities Inc. (collectively, the “Underwriters”). The Underwriters received a cash commission of six (6%) percent of the gross proceeds and were granted an aggregate of 394,140 non-transferrable broker warrants which entitle them to acquire one Common Share for each broker warrant at an exercise price of $1.00 per Common Share for a period of eighteen (18) months from today.
"With the closing of this offering, Sangoma is well funded to continue our path of organic and acquisitive growth," said Bill Wignall, President and CEO of Sangoma. "I would like to thank our new investors and welcome them on board as shareholders."
The Offering remains subject to final approval of the TSX Venture Exchange.
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 Technologies Corporation
Sangoma Technologies 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 VENURE: STC). Additional information on Sangoma can be found at: www.sangoma.com.
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 of this release.
For further information: Sangoma Technologies Corporation: David Moore, Chief Financial Officer, (905) 474-1990 Ext. 4107, firstname.lastname@example.org, www.sangoma.com