/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MARKHAM, ON, June 24, 2019 /CNW/ - Sangoma Technologies
Corporation (TSXV:STC) ("Sangoma" or "Company"), a trusted leader
in delivering Unified Communications solutions for SMBs,
Enterprises, OEMs, and Service Providers, is pleased to announce
that it has entered into an agreement with a syndicate of
underwriters co-led by Acumen Capital Finance Partners Limited and
Cormark Securities Inc. (together, the "Co-Lead Underwriters"),
pursuant to which the Co-Lead Underwriters have agreed to purchase,
on a "bought deal" basis and subject to regulatory approval,
11,291,000 common shares (the "Shares") of Sangoma, at a price of
$1.55 per Share (the "Offering
Price") and offer them to the public by way of short form
prospectus for total gross proceeds of approximately $17.5 million (the "Offering").
In addition, Sangoma has also granted the Underwriters an
over‐allotment option (the "Option") to purchase up to an
additional 1,693,650 Shares (representing 15% of the base Offering)
at the Offering Price exercisable in whole or in part up to 30 days
after closing of the Offering. If the Option is exercised in full,
the aggregate gross proceeds of the Offering will be approximately
$20,126,208. The net proceeds from
the Offering are expected to be used to fund future acquisitions,
debt reduction and for general corporate purposes.
The Offering is expected to close on or about July 16, 2019 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including approval of the TSX Venture Exchange
and applicable securities regulatory authorities.
The Shares to be issued under the Offering will be offered by
way of a short form prospectus in each of the Provinces of
Canada other than Quebec and may be offered for sale in
the United States to Qualified
Institutional Buyers (as defined in Rule 144A under the United
States Securities Act of 1933, as amended (the "1933 Act") or
another available exemption by way of private placement pursuant to
an exemption from the registration requirements of the 1933 Act
(collectively, the "Qualifying Jurisdictions").
About Sangoma:
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 VENTURE: STC). Additional information on
Sangoma can be found at: www.sangoma.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Sangoma, its subsidiaries, or its
affiliates to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Examples of such statements include the
anticipated closing and closing date of the Offering and
anticipated use of proceeds. The forward-looking statements
included in this news release are made as of the date of this news
release and Sangoma 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.
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
this release.
SOURCE Sangoma Technologies Corporation