/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES./
TORONTO, Dec. 15, 2021 /CNW/ - NowVertical Group Inc.
(TSXV: NOW) ("NOW" or the "Company") is pleased to
announce the closing of its previously announced marketed
public offering (the "Offering") of
10,894,756 units of the Company (the "Units") at a
price of $0.95 per Unit for gross
proceeds of C$10,350,018. This amount
includes gross proceeds from the full exercise of the
over-allotment option granted to the Agent (as defined below) to
purchase an additional 1,421,056 Units from the Company.
The Offering was conducted on a "best efforts" basis by Echelon
Wealth Partners Inc. (the "Agent"), as sole agent and
bookrunner.
Each Unit consists of one Class A subordinate voting share of
the Company (each a "Subordinate Voting Share") and one-half
of one Subordinate Voting Share purchase warrant (each whole
warrant, a "Warrant" and collectively the
"Warrants"). Each Warrant is exercisable for one Subordinate
Voting Share at a price of C$1.25 per Subordinate Voting Share for
a period of 24 months following closing of the Offering. The
Company has received approval from the TSX Venture Exchange (the
"TSXV") to list the Warrants under the symbol "NOW.WT". The
Warrants are expected to commence trading on the TSXV on the date
hereof.
The Company filed a short form prospectus in respect of the
Offering with the securities commissions of each of the Provinces
of Canada, except Quebec, on December 7,
2021. The short form prospectus is available on SEDAR at
www.sedar.com.
The Company intends to use the net proceeds of the Offering (i)
to increase its sales and marketing team, (ii) to increase its
finance and operations team, (iii) for product development, (iv)
for general and administrative expenses and (v) to close potential
acquisitions.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About NowVertical Group Inc.
NOW is a global big data
software and services company that helps businesses win in the
digital economy by helping its clients better understand, manage
and utilize their data. NOW is focusing on scaling its current
efforts with customers in a variety of verticals including but not
limited to automotive and OEM, government, law enforcement,
healthcare, financial services, e-commerce, and energy and
renewables, and is pursuing an acquisition strategy focused on
profitable and accretive data analytics software and services
companies in other under-utilized data rich industries. NOW is
positioned to be an invaluable tool for executives and bureaucrats
to make data informed decisions affecting billions of people
globally. For more information about the Company, visit
www.nowvertical.com.
Forward-Looking Information
This news release may
contain forward–looking statements (within the meaning of
applicable securities laws) which reflect the Company's current
expectations regarding future events. Forward-looking statements
are identified by words such as "believe", "anticipate", "project",
"expect", "intend", "plan", "will", "may", "estimate" and other
similar expressions. These statements are based on the Company's
expectations, estimates, forecasts and projections and include,
without limitation, statements regarding the proposed use of
proceeds from the Offering, and the future success of the Company's
business.
The forward-looking statements in this news release are based on
certain assumptions. The forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict (such risks
include, among other things, failure to complete the Offering). A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements.
Readers, therefore, should not place undue reliance on any such
forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, the Company assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE NowVertical Group Inc.