MARKHAM, ON , June 24, 2019 /CNW/ – Sangoma Technologies Corporation (STC.V) (“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.