TORONTO, May 02, 2018 (GLOBE NEWSWIRE) -- Nicholas Galea (the “Vendor”) announced today that, between April 25, 2018 and April 30, 2018, the Vendor sold an aggregate of 1,276,300 common shares (“Common Shares”) of Sangoma Technologies Corporation (the “Issuer”) through the facilities of the TSX Venture Exchange at prices between $0.84 and $0.6812 for aggregate consideration of $920,134.50 (the “Transaction”). Immediately prior to the Transaction, the Vendor owned 4,549,000 Common Shares. After giving effect to the Transaction, the Vendor now owns or controls, directly or indirectly, an aggregate of 3,272,700 Common Shares, representing approximately 9.65% of the outstanding Common Shares on a non-diluted basis as at December 31, 2017 (or 6.95% of the Issuer’s issued and outstanding Common Shares on a non-diluted basis as at March 15, 2018, after giving effect to the private placement offering of 13,138,000 Common Shares). The Vendor does not own any securities of the Issuer other than the foregoing Common Shares.
The Common Shares sold by the Vendor were acquired for investment purposes and were sold in connection with the Vendor’s investment objectives. The Vendor reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate. Depending on various factors, including the financial position of the Vendor and its affiliates, such as 3CX Ltd., the Vendor may in future take such actions with respect to its investment in the Issuer as the Vendor deems appropriate, including, without limitation, seeking board representation, making proposals to the Issuer regarding changes to the capitalization, ownership structure, acquisitions or operations of the Issuer, acquiring additional Common Shares, and/or selling or otherwise disposing of some or all of its Common Shares. In addition, the Vendor may formulate other purposes, plans or proposals regarding the Issuer or any of its securities to the extent deemed advisable in light of its general investment and trading decisions, market conditions or other factors that or may change its intention with respect to any and all of the foregoing.
This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the "Early Warning Report"). A copy of the Early Warning Report will be available on SEDAR under the Company's issuer profile at www.sedar.com and can be obtained by contacting the contact set out below.
Contact:
Mr. Nicholas Galea
c/o 3CX Ltd., 303 Engomi Business Centre
1,28 October Avenue, 2414 Nicosia, Cyprus
Phone Number: +3572244403